The official launch of Huobi’s newest product was announced on September 17. The project is dubbed Huobi Argentina, and it will be supported by Huobi Cloud. The company is establishing a local team with localized operations and a direct fiat gateway, allowing users to trade Argentine pesos (ARS) to crypto and vice-versa.
Huobi Targets Local Markets
Argentinian users are already able to purchase cryptocurrencies with Argentine pesos (ARS) via Huobi’s OTC platform. However, Huobi Argentina, which is set to be launched in mid-October of this year, will provide a direct fiat gateway. This will allow local traders to buy crypto via wire transfer, credit card, and Mercadopago – one of the major digital payment providers in the country.
The company’s idea was to provide an end-to-end exchange for Argentinians including customer support and localized language options. Huobi also promises lower fees, more trading pairs, and higher liquidity for its users.
Blockchain Development in Argentina
It’s safe to say that Argentina’s economy has been through a lot of late. People have been turning against banks because of the high volatility of the peso. In turn, this has led to restrictions on foreign currency purchases. The country’s government has expressed a willingness to consider blockchain technology, causing some people to believe that cryptocurrency adoption might be the solution. Huobi Argentina appears to be the most logical next step.
The CEO of Huobi Argentina, Carlos Banfi, stated that the Argentine blockchain market is the most promising in all of South America:
“There already exists a general consensus to break from reliance on the local currency and banks, and with Huobi’s entrance into the market, it is a great opportunity to move the needle on blockchain and crypto adoption in Argentina.”
Banfi also expressed his hopes that the new exchange will help in attracting global investment to boost local sentiment.
The Senior Business Director at Huobi Cloud, David Chen, also alluded to future blockchain development and adoption in the country:
“The increasing demand for crypto-related products and services makes Argentina a perfect entry point for Huobi to pursue larger projects in promoting cryptocurrency and blockchain to the market.”