One of the world’s largest cryptocurrency exchanges, Huobi, is adding a new service for its Argentinian branch. Dubbed Huobi Argentina, it now allows customers to directly exchange Argentine Peso (ARS) for Bitcoin and Tether (USDT) and vice versa.
Huobi Argentina Fiat Gateway
In September 2019, the Singapore-based cryptocurrency exchange announced the opening of Huobi Argentina. Powered and supported by Huobi Cloud, it came as a result of the country’s growing interest in digital assets.
According to a press release shared with Cryptopotato, the popular exchange now adds a fiat gateway for Bitcoin and Tether (USDT). As of now, Huobi Argentina allows its customers to purchase the largest cryptocurrency by market cap, and the most widely-used stablecoin, directly with ARS.
Speaking on the matter was the Vice President of Global Business at Huobi Group, Ciara Sun. According to her, the new pairs are simplifying the process for users to enter the market:
“Trading crypto is often a multi-step process that requires several transactions before the user can begin to trade. With the new BTC/ARS and USDT/ARS pairing feature, Huobi Argentina is removing existing user barriers and making it incredibly easy for people to get their assets into the market.”
Huobi Argentina is also reportedly planning to introduce margin trading services with up to 5x leverage on given pairs.
Cryptocurrency Interest in Argentina
Argentina, along with other South American countries, has been recording high Bitcoin trading volumes for a prolonged time. The latest all-time high came in December 2019, as Cryptopotato reported. Yet, it’s not an isolated example. Data from the popular monitoring resource Coin.Dance informs that the Bitcoin trading volume on LocalBitcoins remains high.
Some people bring out the country’s troublesome political situation as a plausible reason. More specifically, they link it with the high volatility of the Argentinian Peso. For example, when the former president Mauricio Macri lost the primary elections in August 2019, the Argentine Peso noted a 566% devaluation.
Sun seems to acknowledge the growing interest and Peso’s volatility. She believes that cryptocurrencies could benefit the local population by serving as a hedge:
“The Argentine market is ripe for crypto adoption. […] Crypto has become both a safe haven for those looking to hedge against currency volatility and a diversified investment strategy for global investors, so Huobi Argentine is committed to improving the user experience with innovative new features that deliver tangible value to our users.”