Huobi Group, the popular crypto exchange company, has announced today the official launch of Huobi Argentina, a local exchange supported by Huobi Cloud.
This marks Huobi’s first initiative into the Argentina market by providing support to Huobi Argentina who has plans to establish a local team, localized operations, and a fiat gateway to trade Argentine Peso (ARS) to crypto.
While users can currently purchase cryptocurrencies with Argentine Peso (ARS) via Huobi’s OTC service, Huobi Argentina will soon introduce a fiat gateway, estimated to launch around mid-October of this year. With the Argentine Peso (ARS) gateway, users will be able to easily purchase cryptocurrencies via credit card, wire transfer, and some of the most widely supported digital payment providers in the region such as Mercadopago.
“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.”
– Carlos Banfi, CEO at Huobi Argentina
Background
In March of 2019, 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. For Argentina, the public’s inherent distrust of banks due to the volatility of its national currency, combined with the Argentinian government’s openness toward blockchain development has been driving the high rate of cryptocurrency adoption.
“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. 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.”
– David Chen, Senior Business Director at Huobi Cloud