Huobi to launch of cryptocurrency exchange in Argentina

 Huobi Group, a Singapore-based company behind one of the largest cryptocurrency exchanges in the world, announced the plans to launch a platform for trading digital assets in Argentina. 

The new exchange will hire local teams to promote cryptocurrency trading services that will allow trading and converting Argentine peso to cryptocurrency, according to the official press-release.

The new platform is expected to go live in mid-October. It will introduce fiat gateway for purchasing digital coins with local fiat currency via credit card, wire transfer, and some regional digital payment providers like Mercadopago.

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“Argentina is South America’s most promising market for blockchain development. There already exists a general consensus to break from a reliance on the local currency and banks, and with Huobi’s entrance into the market, it is a great opportunity to move the needle on blockchain and crypto adoption in Argentina,” Carlos Banfi, chief executive officer at Huobi Argentina commented in a statement.

The country is stricken by economic crisis. Citizens are looking for alternative ways to store wealth due to persistent concerns about fiat currency devaluation, which leads to growing demand on  bitcoin and other cryptocurrencies. Thus, recently Bitcoin hit a new all-time high against the Argentine peso.

The increasing demand for digital assets make Argentina a perfect place of Huobi’s global expansion, according to David Chen, senior business director at Huobi Cloud.