A Singapore based cryptocurrency exchange Huobi Group have announced to launch the cryptocurrency exchange in Argentina. Huobi Argentina plans to hire a local team to promote the cryptocurrency trading services which will allow the trading and converting Argentine peso to cryptocurrency, according to the official press-release.
According to the reports, the services are expected to go live in mid-October. The company introduces the fiat gateway to purchase digital coins with local fiat currency via credit card, wire transfer, and some regional digital payment providers like mercadopago.
This launch was implemented after the shutdown of renminbi-to-bitcoin trading last year. The Group invested UD$ 1 billion to boost the project.
"Argentina is South America's most promising market for blockchain development. There already exists a 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 blockchain and crypto adoption in Argentina.
The move would likely contribute to boosting the local sentiment and attracting global investment" stated by Carlos Banfi, CEO at Huobi Argentina.
The growing of demand for digital currency makes Argentina a perfect place of Huobi's global expansion, according to senior business director David Chen.