Huobi Launches New Cryptocurrency Exchange in Argentina
One of the largest digital asset exchanges in the world, the Singapore-based Huobi Global reports a 24-hour trading volume of ~$5,670,000,000 among 228 crypto-assets at time of publication.
Since the introduction of the Huobi Cloud in 2018, there have been over 120 exchanges created “including Huobi-branded exchange partnerships with local partners: Huobi Russia, Huobi Indonesia, Huobi Thailand, and now Huobi Argentina.”
Huobi Argentina plans to establish a local team, localized operations, and a fiat gateway to trade Argentine Peso (ARS) to crypto. Before today’s announcement, users were able to purchase cryptocurrencies with the Argentine Peso through Huobi’s OTC service.
Now, with the Argentine Peso (ARS) Gateway, users will be able to purchase digital assets with credit card, wire transfer and additional payment providers in the region, such as Mercadopago.
Users of Huobi Argentina currently have access to more than 140 assets and over 300 currency pairs.
Latin American Currency
Moody’s Analytics prepared an economic analysis for Latin American currency in February of 2019. It found that of the “several Latin American countries are facing economic and political upheaval, which may significantly impact the value of their currencies.”
Specific to Argentina, the report finds that “Argentina, Bolivia, Costa Rica, Panama and Uruguay are the most vulnerable to a currency depreciation among the Latin American countries we evaluated.”
One of the benefits of a decentralized cryptocurrency is that it can not be manipulated by many of the centralized actors causing these economic and political upheavals.
For this reason, those in Latin American countries and others are “finding stores of value in Dash, bitcoin, ether and other cryptocurrencies,” according to an article published by Market Watch.
This move by Huobi further expands access to this region which has a high demand for digital assets.
Huobi Offers Argentineans More Choice
According to the press release, Huobi Group Founder & CEO Leon Li met with a delegation of senior Argentinian finance officials to discuss the role blockchain could play in Argentina’s economic development in March of 2019.
Carlos Banfi, CEO at Huobi Argentina, said:
“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…The move would likely contribute to boosting the local sentiment and attracting global investment.”
“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, Senior Business Director at Huobi Cloud. “With the launch of Huobi Argentina, we will be able to first offer local user the opportunity to trade with Huobi’s proven security, liquidity, and stability.”