Singapore-based digital asset exchange Huobi is expanding the number of fiat currencies that can be used on its platform, according to a recent announcement from the company.
On Saturday, the exchange said that it would be adding support for the Australian dollar (AUD), British pound sterling (GPB), and the Euro (EUR), which will allow users in Australia, UK, and the European Union to purchase crypto with their home countries’ fiat currencies.
The addition of these currencies was made possible through Banxa, which the exchange describes as “an internationally compliant fiat-to-crypto gateway solution.” The gateway, which can be accessed through the Huobi OTC website, allows users to instantly add funds to their accounts via bank transfer, debit or credit card, and “other preferred methods.” The gateway does not charge any fees.
How does it work? According to the announcement, users are required to undergo a one-time identity verification process. After that, users can “select the digital asset they’d like to purchase, choose their fiat currency, and enter the fiat value or asset quantity for purchase.”
The gateway allows users to purchase up to $20,000 USD worth of digital assets in a single transaction, though “the daily purchase limit is $15,000 and the monthly purchase limit is $60,000.”