Argentina – Huobi to Launch Crypto Exchange

One of the world’s biggest exchanges enters the South American market

Group, the parent company of ‘ Global’, one of the world’s largest cryptocurrency platforms, announced that it launch a digital asset platform in . The site will be run by a local team and the company has obtained the necessary permissions to convert the Argentinian Peso to cryptocurrency.

will launch a new platform – finleaks

Argentinian customers are currently able to purchase cryptocurrency with Argentinian Pesos in ’s over-the-counter , but once the official platform will be launched currency could be purchased through a getaway. The Peso getaway will allow users to purchase cryptocurrency through their credit card, wire transfer and even through local digital payment apps like ‘Mercadopago’. 

Countries particularly prone to economic crises and instability, like , deal with constant concerns regarding the threat of devaluation of currencies. Over the last few years, these countries are turning to cryptocurrency as a sound alternative. Argentinian system suffers from widespread corruption and is often seen as a wonderful solution that will allow customers to gain stability and financial security by bypassing existing mechanisms.

In South America in particular, many find to be the way to go in the face of an economic crisis. The company behind recently reported that 10,000 e-wallets were recently opened in South America and cryptocurrency partnered with Venezuelan retailer Traki, allowing clients to complete purchases using . With the scene rapidly expanding, it is expected that ’s launch will lead the way to many others that will follow in its footsteps.

Long Time Coming

In March , Huobi founder and CEO, , met with a delegation of Argentinian officials who explained the necessity of a reliable cryptocurrency in . The meeting sparred a lot of interest and was followed by months of negotiations and regulatory inspection until the required paperwork was provided and the path for the launch was cleared.   

This will be the Chinese giant’s first entry to a South American market, and it will open new opportunities for local investors. While this came as a surprise for global followers, it has been in the making for a long time.

In a statement made following the announcement, , CEO of Huobi said: “ is South America’s most promising market for development. There already exists a general consensus to break from 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 and adoption in Argentina”.

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