Huobi Group officially launched Huobi Argentina, which is a local exchange supported by the Huobi Cloud.
One of the largest digital asset exchanges in the world, the Singapore-based Huobia Global reports a 24-hour trading volume of ~$5,670,000,000 among 228 crypto-assets at time of publication.
Since the introduction of the Huobi Cloud in 2018, there
have been over 120 exchanges created “including Huobi-branded exchange
partnerships with local partners: Huobi Russia, Huobi Indonesia, Huobi
Thailand, and now Huobi Argentina.”
Huobi Argentina plans to establish a local team, localized
operations, and a fiat gateway to trade Argentine Peso (ARS) to crypto. Before
today’s announcement, users were able to purchase cryptocurrencies with the Argentine
Peso through Huobi’s OTC service.
Now, with the Argentine Peso (ARS) Gateway, users will be
able to purchase digital assets with credit card, wire transfer and additional
payment providers in the region, such as Mercadopago.
Users of Huobi Argentina currently have access to more than
140 assets and over 300 currency pairs.
Latin American Currency
Moody’s Analytics prepared an economic
analysis for Latin American currency in February of 2019. It found that of
the “several Latin American countries are facing economic and political upheaval,
which may significantly impact the value of their currencies.”
Specific to Argentina, the report finds that “Argentina,
Bolivia, Costa Rica, Panama and Uruguay are the most vulnerable to a currency
depreciation among the Latin American countries we evaluated.”
One of the benefits of a decentralized currency is that it
can not be manipulated by many of the centralized actors causing these economic
and political upheavals.
For this reason, those in Latin American countries and
others are “finding stores of value in Dash, bitcoin, ether and other
cryptocurrencies,” according to an article published by Market
This move by Huobi further expands access to this region which
has a high demand for digital assets.
Huobi Offers Argentineans More Choice
According to the press release, Huobi Group Founder & CEO
Leon Li met with a delegation of senior Argentinian finance officials to
discuss the role blockchain could play in Argentina’s economic development in
March of 2019.
Carlos Banfi, CEO at Huobi Argentina, said:
“Argentina is South America’s most promising market for
blockchain development. There already exists a general consensus to break from
a 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…The move would likely contribute to boosting the local
sentiment and attracting global investment.”
“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,” Said David
Chen, Senior Business Director at Huobi Cloud. “With the launch of Huobi
Argentina, we will be able to first offer local user the opportunity to trade
with Huobi’s proven security, liquidity, and stability.”