OKCoin Adds Argentine Peso as It Eyes Expansion into Latin America
OKCoin, the world’s most popular crypto exchange, announced that it has expanded its fiat-focused operation to Latin America, with the launch of a licensed crypto exchange platform in Argentina.
Crypto traders are now able to deposit or withdraw the Argentine peso (ARS) in exchange for a range of cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, Cardano, Stellar, Zcash, 0x, etc.
Prior to it, investors in Argentina have few options for converting pesos into digital assets. Argentina’s currency peso, having lost about half of its value against U.S. dollar on a yearly basis, is experiencing significant volatility in recent times, the region thus sees increasing demand for cryptocurrencies. Even so, the peso is not the worst-performing currency, the Venezuelan bolivar is becoming near-worthless.
Fiat currency’s volatility in Argentina and Venezuela has buoyed growth of cryptocurrency markets there, which means a great business opportunity for crypto exchanges.
OKCoin goes further than local competitors by offering a broad range of fiat-to-crypto trading pairs. The company also set up an office in Buenos Aires – with a view not just in Argentina but throughout Latin America as it expands the reach of its operations. The exchange is also eyeing Brazil, Chile, Colombia, and Venezuela.
According to Tim Byun, CEO at OKCoin USA, Latin America population is eyeing crypto tokens with interest while the region is experimenting with blockchain technologies to improve the economies.
“OKCoin is committed to opening up new markets for digital currency consumers throughout the world, and we are very excited to extend our safe, secure and licensed trading platform to consumers in Argentina.”
“This is just the beginning of our Latin American expansion, as we’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence.”
The China-born crypto exchange has been expanding at a rapid pace after it was ousted by the country’s crypto trading ban. It’s wise for OKCoin to look to further growth by expanding its offering of crypto trading pairs with local fiat currencies in the Latin American markets where such service is much-needed.