By The popular crypto exchange known as OKCoin recently announced through a press release that they have expanded their operations into the Latin American market. This move comes along with a new platform which will allow users to trade crypto with local fiat currencies.
OKCoin’s recent expansion comes after they became a fully licensed platform to operate in the region according to the press release. On the offset, users will have the ability to deposit the Argentine Peso (ARS) to the platform which they can later trade with top digital currencies such as BTS, bitcoin cash, ETH and more.
The press release also revealed that more fiat currencies and digital currencies will be added in the near future. To truly cement their new position in Argentina, OKCoin will be establishing an HQ in Buenos Aires in order to set up a team “support its business throughout Latin America.”
Before the blanket ban in China, OKCoin was one of the largest crypto exchanges in the region and since the crackdown has spread they have been expanding rapidly into other regions. Earlier this year in January, they launched their platform in South Korea & expanded into the US with their fiat-to-crypto services in July.
At present, OKCoin supports USD trading & has a foothold in over 110 countries. By adding the Argentine peso, the release stated that it “signifies its commitment to bringing cryptocurrency trading to Latin American markets.”
OKCoin is also allegedly looking to expand their services beyond that of Argentina, and in the press release, CEO of OKCoin USA, Tim Buyn had this to say on the matter:
“Argentina offers a tremendous opportunity for cryptocurrency partly because there are so many savvy traders in the country.” Per his words, cryptocurrencies available on their platform “can help stabilize the economy by offering investors an alternative option.”
Buyn was, unfortunately, unable to comment on which countries they plan on expanding into next but he did reveal that they have a growing number of regulatory experts supporting their expansion. Furthermore, Buyn stated that he believes OKCoin is the best way to ensure the better growth of the cryptocurrency ecosystem is “to bring safe, secure and fully licensed trading to consumers in a way that abides by all relevant regulations.
He stated:
“The Latin America market is extremely important for us, as it is for the entire cryptocurrency and blockchain industries. The amount of creativity and ingenuity we’ve seen coming from investors, traders, developers and others who are part of the Latin American cryptocurrency ecosystem is remarkable, and we’d like to encourage them to continue pushing the bounds of innovation. By having OKCoin launch in the region, we hope to bring a huge growth opportunity to everyone involved.”
The recent expansion to Latin America will also see OKCoin attend and participate in the C20 conference in Buenos Aires. As we’ve reported before, Argentina’s growing cryptocurrency arena has seen the number of bitcoin ATM’s jump up from 0 to 30 as the demands for digital currencies increased this year and this of course comes a result of their peso seeing rampant inflation.
Could the arrival of OKCoin in Argentina be beneficial to the nations ailing economy? Let us know your thoughts.
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