OKX Expands its Crypto Exchange Services to Argentina Amid Rising Adoption
Summary:
Cryptocurrency exchange OKX has announced its expansion to Argentina after its successful launch in Brazil in 2023. The expansion not only allows Argentinian users to trade on OKX's platform but also provides them access to a self-custody wallet and NFT trading. OKX president, Hong Fang, highlighted Argentina's growth in crypto adoption, describing the country as a crucial part of their Latin American expansion strategy. This comes after a December 2023 decree allowing Argentinians to settle contracts with Bitcoin and other cryptocurrencies.
OKX, a leading cryptocurrency exchange, has unveiled plans to expand its reach to Argentina, marking another calculated move to penetrate the Latin American cryptocurrency market, subsequent to its inception in Brazil in late 2023. The company released a statement indicating that Argentinian users are set to benefit from access to OKX's crypto trading platform, which features a self-custody wallet and trading options for non-fungible tokens (NFTs).
Argentina occupies the 15th position on Chainalysis's global crypto adoption index, an analytical tool that factors in on-chain and real-world data when ranking nations on crypto assimilation. Brazil occupies the number nine spot.
The entry into Argentina's economy comes a few months down the line since their business rival, Binance, initiated exchange services there. Last April, Maximiliano Hinz, Binance's director for the Southern Cone, justified the expansion as a response to the public demand for crypto services in Argentina.
Commenting on the move, OKX president Hong Fang underscored the significant strides Argentina has made in crypto adoption. "Argentina symbolizes a vibrant crypto market in Latin America, thus making it a crucial springboard for our expansion strategy throughout the region," Fang mentioned.
This significant announcement aligns with the recent scaffold for reconstructing the Argentine economy, voted in December 2023. This decree legalized the use of Bitcoin and other cryptos for contract settlement within the country.
Diana Mondino, Minister of Foreign Affairs, International Trade and Worship of Argentina, verified the news, stating that "contracts in Argentina can be settled in Bitcoin, or any other cryptocurrency."
In contrast, Argentina’s central bank issued a directive in May 2023, prohibiting payment providers from processing cryptocurrency transactions to minimize the digital risk exposure of the country's payment system. The aim was to ensure fintech companies follow the same guidelines as conventional financial institutions in Argentina.
Published At
2/11/2024 8:55:36 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.