Hyperinflation, along with economic instability, has pushed the residents of Argentina into the adoption of cryptocurrencies. Singapore-based cryptocurrency company, Huobi group, has decided to take advantage if this discontent and has now launched an exchange in the South American country.
Previously, Huobi Group had launched Huobi Cloud, a platform that enables individuals to develop crypto-exchanges on Huobi’s existing network. Huobi Argentina will also be utilizing Huobi Cloud.
According to a news report, the cryptocurrency exchange will allow users to buy cryptocurrencies with Argentina’s native currency, Argentine Peso (ARS)a using Huobi’s OTC service. However, the exchange has other plans too as its gearing up to launch a fiat gateway in order to trade ARS for crypto, which would allow users to purchase digital assets using credit cards.
CEO of Huobi Argentina, Carlos Banfi, expressed his views on the firm’s journey towards global expansion. He 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.”
Huobi seems to have a lot on its plate as the firm has been eyeing global expansion for the past few months now. Recently, Huobi announced the launch of Huobi Thailand by Q3 of 2019, making it the fifth firm to acquire a license to run a regulated cryptocurrency exchange. The Huobi Group has spread its wings throughout the Middle East too, with the firm planning to enter the Turkish region by the end of this year, where 20% of the population possesses digital assets.