Binance CEO Drops Big Hint For A Fiat-to-Crypto Exchange in Argentina
Global crypto exchange Binance may launch its next fiat-crypto exchange platform in Latin America, following recent comments by the crypto startup’s CEO Changpeng “CZ” Zhao.
In a tweet he posted on March 9, Zhao gave a big hint on the location of the new exchange, which, in the context of his Twitter comment, could be in Argentina.
In what could imply the fiat-crypto exchange is coming to Argentina in the near future, the Binance chief used his Twitter account to tease:
“Guess where we will have a new fiat-to-crypto exchange?”
Zhao’s hint was in response to a news article that carried the news regarding an agreement between the exchange and the government of Argentina.
According to cryptocurrency news outlet CoinSpice, the Argentinian government has agreed to match the investment Binance would put in blockchain projects within the country at a ratio of 1:1.
As earlier reported, the South American nation’s government had said it would be willing to co-invest in blockchain-based projects that Binance would back via its investment arm Binance Labs.
Argentina, whose economy has been hit with a biting financial crisis amid ballooning inflation rates, has slowly taken over as the blockchain and crypto destination in the South American region.
That could be the reason Binance has been looking to launch a fiat-crypto platform in the country, with earlier reports indicating that this would be one among eight new platforms in eight different countries.
Although the exchange did not confirm these reports, (including Argentina) it did affirm that it would be launching new fiat-supported exchanges in the upcoming blockchain hubs of Singapore and Malta.
Notably, Binance has already launched similar platforms in crypto-friendly Lichenstein, as well as in Jersey. Binance Uganda launched in 2018, registering record interest within hours of launch.
It is an expansion strategy that has seen the crypto firm launch various projects, including offerings like the Binance Launchpad for token sales and Binance Academy to support blockchain education.
Changpeng Zhao and the team have also looked to open up crypto adoption by adding credit card support for the purchase of top cryptocurrencies. To facilitate this, Binance partnered with Simplex- a payment processor that allows the global community to buy crypto or deposit funds at digital asset exchanges.
Meanwhile, social investing exchange eToro last week launched its highly anticipated crypto trading services in 32 states in the United States.
With a reported global user base of over 10 million people, eToro announced that users will be able to trade in 13 crypto assets (yet to be specified). It will also offer its U.S. customers access to a Multisig wallet.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.