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Huobi launches fiat-to-cryptocurrency exchange in Argentina

Thu, 19 Sep 2019, 03:51 am UTC

Singapore-based cryptocurrency exchange Huobi expanded its services to Argentina, with plans to establish a fiat-to-crypto gateway.

As per a press release, Huobi officially introduced Huobi Argentina, which is supported by Huobi Cloud, a solution provider that enables partners to create over-the-counter (OTC) and digital asset exchanges.

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,” Carlos Banfi, Huobi Argentina CEO, said, adding that the initiative can help lure global investments.

Currently, users of Huobi Argentina can buy cryptocurrencies with Argentine Peso (ARS) through Huobi’s OTC service. However, it plans to roll out a fiat gateway by around mid-October this year. Using the ARS gateway, users can buy cryptocurrencies through credit cards, wire transfer, and widely supported digital payment providers like Mercadopago.

The exchange noted that the cryptocurrency demand in Argentina is driven by the country’s openness to embrace the nascent technology and the need to look for an alternative to alleviate the risks caused by the devaluation of the peso.

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. 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,” David Chen, Huobi Cloud’s Senior Business Director, said.

As previously reported, earlier speculations of Huobi’s plans to conduct a reverse initial public offering (IPO) seem to be coming true. A recent filing revealed that Huobi changed the name of Pantronics Holdings Limited, a Hong Kong-based publicly listed firm, to Huobi Technology Holdings Limited.

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