The official launch of Huobi’s newest product was announced today on the 17th of September. 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 their Argentine Peso (ARS) to crypto and vice-versa.
Huobi Targets Local Markets
Argentinian users will now be able to purchase cryptocurrencies with Argentine Peso (ARS) via Huobi’s OTC. However, Huobi Argentina, which is set to be launched in mid-October this year, will provide a direct fiat gateway. This feature will allow local traders to buy crypto via wire transfer, a credit card, and Mercadopago – one of the major digital payment providers in the country.
The company’s idea is to provide an end-to-end exchange in Argentina and all necessary components for the job will be based in the country, including the customer support the 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 issues of late. People are turning against banks because of the high volatility of the Peso. In turn, this led to a restriction on foreign currency purchases. The country’s government has already expressed its willingness to consider potential blockchain developments, causing people to believe that cryptocurrency adoption might be the solution. By extension, 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 South America. He continued:
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 could help in attracting global investments to boost the local sentiment.
The Senior Business Director at Huobi Cloud also added his point of view on the potential for 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.