OKX, the cryptocurrency exchange, is expanding into Argentina as part of its plan to tap into the Latin American market. This move comes after its debut in Brazil in late 2023.
In a recent update, OKX shared that users in Argentina can now use their platform for cryptocurrency exchange. They also introduced a self-custody wallet feature and the option to trade nonfungible tokens (NFTs).
Argentina holds the 15th position on the Chainalysis 2023 Global Crypto Adoption Index. This index evaluates on-chain and real-world data to identify countries leading in cryptocurrency adoption. For reference, Brazil currently holds the ninth spot.
About nine months ago, Binance, a rival crypto exchange, started offering its services in Argentina.
In April 2023, Maximiliano Hinz, who oversees Binance’s operations in southern Latin America, mentioned to Reuters that they decided to expand because more and more people in Argentina were asking for crypto services.
“This launch happens because people here want it,” Hinz said.
At the same time, Hong Fang, the president of OKX, pointed out how much more people in Argentina are getting into cryptocurrencies:
“We’re happy to launch our top-notch exchange and Web3 wallet in one of the liveliest crypto markets in Latin America.”
Fang emphasized that Argentina is a key focus in its expansion strategy.
The potential of crypto and blockchain is spreading throughout Latin America, and according to Fang, Argentina serves as a vital starting point for our strategy to grow in the region.
OKX Emerges As Key Player In Argentina’s Crypto Landscape
This comes after the recent introduction of the “Bases for the Reconstruction of the Argentine Economy” decree approved in Dec 2023, allowing Argentine citizens to utilize Bitcoin and other cryptocurrencies for contract settlements within the country.
Diana Mondino, Argentina’s foreign affairs, international trade, and worship minister, said, ‘Argentinian contracts can now use Bitcoin or any other crypto for settlements.’
Back in Oct 2023, Cointelegraph shared that Latin America leans towards centralized exchanges more than decentralized ones, unlike the rest of the world:
‘Latin America has the highest preference for centralized exchanges among all the regions we studied. It also slightly veers away from institutional activity compared to other regions.’
But, in May 2023, Argentina’s central bank made a move, banning payment providers from facilitating crypto transactions. This aimed to minimize the country’s exposure to digital assets in its payment system.
The monetary authority clarified that the goal was to bring fintech companies under the same regulations as traditional financial institutions in Argentina.
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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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