OkCoin Cryptocurrency exchange has now started operating in Argentina. The Beijing-headquartered altcoin trading platform is eying the larger Latin America market. With an office in Buenos Aires, it will now be easy to penetrate the region. Argentina is experiencing high inflation rates that have seen the local currency depreciate against the dollar. This has led to an increase in the use of Cryptocurrencies in the South American country.
OkCoin Expands Its Operation To Argentina
OkCoin will now begin providing Cryptocurrency exchange services in Argentina. Argentines can now buy various altcoins using their local currency, the Argentine peso. During the launch in the country, the Beijing-headquartered company said that it will be providing both margin and spot trading between the local currency and several other major virtual currencies.
The Cryptocurrency trading firm said that it will be complying with the local Crypto laws while serving the customers in the country. The exchange has said it will list Zcash, Ripple, Litecoin, Ehereum, and Bitcoin on its platform. The firm will be operating from its office in the country’s capital, Buenos Aires.
OkCoin To Expand To Markets
OkCoin USA CEO Tim Byun said that the exchange is also targeting other markets in the region. The office in Buenos Aires will play a major role in helping the company to realize its goal. Some of the markets the exchange is planning to enter soon include Venezuela, Colombia, Chile, and Brazil. The exchange has said that this region has already shown an interest in the sector and now is the right time to enter.
Byun also said that the exchange is committed to entering new markets for Cryptocurrency consumers worldwide. On new operations in Argentina, he said they are happy to allow the local population to access their safe, secure, and licensed virtual currency exchange. While talking about entering the other markets in the region, the senior executive said that they will be providing the local institutional and retail traders with a platform which they can use to purchase and sell various altcoins with confidence.
Cryptocurrency Market In Argentina
Argentina has been under tough economic times that have seen inflation rates reach about 40.3 percent, which is among the highest in the world. The Argentine peso has lost almost 50 percent of its value against the dollar. The lack of faith in the local currency by many people in the country has increased the popularity of Cryptocurrencies in the country.
In the past few months, Argentina has experienced an increase in the demand for the virtual currencies as more people are choosing to transact through this cashless alternative. This has led to not only an increase in the virtual currencies but also related services. Various Crypto-based firms have already moved to the country to meet this increasing demand.
Although Cryptocurrencies are becoming popular in different industries around the world, they are especially appealing in countries in hard economic times. In Venezuela, another country in the region, the government has launched a national Cryptocurrency. The government is optimistic that petro will help it to circumvent the US sanctions and bring the economy to its feet.