Popular cryptocurrency exchange OKCoin has recently revealed, through a press release shared with CCN, that it expanded to the Latin American market, with a platform that’s set to let users trade top cryptocurrencies against local fiat currencies.
According to the release, OKCoin’s expansion to Latin America comes after it became a fully licensed platform to operate in the region. Initially, it will allow users in Argentina to deposit Argentine pesos (ARS) to the platform, which can then be traded with top cryptos like bitcoin, bitcoin cash, ethereum, cardano, stellar, zcash, and 0x.
The document further notes more fiat currencies and cryptocurrencies are going to be added in the near future. To cement its position in Latin America, OKCoin is also opening an office in Buenos Aires and setting up a team to “support its business throughout Latin America.”
Notably, OKCoin was once one of the largest cryptocurrency exchanges in China prior to the region’s trading ban, and since the crackdown has been expanding at a rapid pace outside of that locality. In January, it launched its platform in South Korea and entered the US with fiat-to-crypto offerings back in July.
Currently, the cryptocurrency exchange supports USD trading and is present in over 110 countries. Adding the Argentine peso, the press release claims, “signifies its commitment to bringing cryptocurrency trading to Latin American markets.” OKCoin is reportedly looking to expand beyond Argentina. In the document, Tim Buyn, the CEO of OKCoin USA, was quoted as saying:
“This is just the beginning of our Latin American expansion, as we’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence.”
Speaking to CCN, Buyn revealed that OKCoin believes “Argentina offers a tremendous opportunity for cryptocurrency partly because there are so many savvy traders in the country.” Per his words, cryptocurrencies offered on the platform “can help stabilize the economy by offering investors an alternative option.”
While Buyn wasn’t able to comment on which countries the exchange plans on expanding to next, he revealed that it has a large team of regulatory experts supporting its expansion. He said that OKCoin believes the best way to help the cryptocurrency ecosystem grow is “to bring safe, secure and fully licensed trading to consumers in a way that abides by all relevant regulations.”
“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 exchange’s move to enter Latin America will also see it participate in the C20 Conference in Buenos Aires.
As CCN reported, Argentina’s cryptocurrency scene has been growing, as last month it saw the number of bitcoin ATMs go from zero to 30 as demand kept surging this year. This, as the country’s fiat currency, the peso, has been seeing its inflation ramp up.