All the way from Seychelles, the latest cryptocurrency exchange to land in Argentina is the Huobi Group. According to recent coverage, the exchange will soon launch an Argentine subsidiary, Huobi Argentina.
“The increasing demand for crypto-related products and services makes Argentina a perfect entry point for Huobi to pursue larger projects in promoting cryptocurrency and blockchain to the market,” said David Chen, the senior business director at Huobi Cloud.
Chinese-born but based in Seychelles, Huobi will formally premier the new platform alongside a new fiat gateway on November 6. Designed to manage 200 different cryptos and eventually incorporate other local projects, operations will reportedly begin this October.
At the moment, the platform is handling user registration and digital asset exchanges. Soon enough, users will be able to exchange the Argentine peso for cryptocurrency via different channels.
Transactions will reportedly be accessible through bank transfers or debit and credit cards. Regional payment methods like MercadoPago are also going to be available, according to Diario Bitcoin.
“With Huobi’s experience in the blockchain and cryptocurrency world, it is a great opportunity to boost the crypto industry in the country,” shared Carlos Banfi, CEO at Huobi Argentina.
“There already exists a general consensus to break away from relying on the local currency and banks. With Huobi’s entrance into the market, it’s a great opportunity to move the needle on blockchain and crypto-adoption in Argentina.”
According to Reuters, Huobi founder and CEO Leon Li met with Argentine officials in March to discuss blockchain technology’s potential.
Cryptocurrencies in Argentina
Argentina’s willingness to accept cryptocurrencies makes it a logical spot for the Asian exchange to set-up shop. With the annual inflation rate recently jumping to 51.3 percent, nowadays many Argentines don’t trust traditional banking institutes.
“Argentina’s volatile economic situation, including the country’s newly imposed currency controls and rampant inflation, creates a flourishing environment for cryptocurrency adoption,” stated the Huobi Group.
This past week, Bitso from Mexico revealed plans to start running in Argentina, adding to the diverse crypto market in-the-making. Back in June, Atlas Quantum from Brazil also launched operations with its southern neighbor.
Let’s hope that cryptocurrencies and blockchain technology go towards good causes in Argentina, whether it be stabilizing the peso or attracting international investments.