OKCoin Begins Latin America Expansion Starting With Economically Troubled Argentina
Beijing-based OkCoin, a leading cryptocurrency exchange that supports both fiat and crypto trading has expanded its services to the Latin American region starting with Argentina.
With this announcement, OkCoin customers will now be able to trade the Argentine Peso against several top crypto assets. OkCoin explained that it was in the process of setting up offices in Buenos Aires, Argentina to further develop its presence in the region.
OkCoin offers spot and margin trading in Latin America.
The crypto exchange and trading platform, with a global customer base running into millions, announced that its users in the region would access both spot and margin trading services.
For the start, users will be able to deposit the Argentine peso (ARS) and trade it against a set of top cryptocurrencies, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ripple (XRP)
- Cardano (ADA)
- 0x (ZRX)
- Zcash (ZEC).
Per the platform’s blog post, the firm was able to expand into Latin America after it secured approval to operate as a fully licensed crypto platform.
The firm also revealed that it would be launching additional fiat and cryptocurrencies in due course. To support its services and cement its position, OKCoin is also putting up a team that will see it grow the business in the region. For that, the exchange has set up an office in Buenos Aires.
OKCoin’s has continued to grow and expand its services despite having been one of the exchanges affected by the crypto trading ban imposed by China.
Its global expansion efforts have seen it set up platforms for fiat-to-crypto trading in South Korea and the U.S, both operations launched in January and July 2018 respectively.
Already supporting USD trading, and with a presence in more than 110 countries, the exchange says that adding support for local Latin American fiat currencies is a sign of its commitment to growing the cryptocurrency markets in the increasingly crypto-friendly region.
According to Tim Buyn, the CEO of the firm’s OKCoin USA arm, more is expected.
“By having OKCoin launch in the region, we hope to bring a huge growth opportunity to everyone involved.”
He added in the blog post that the firm aimed to give institutional and retail traders access to “an array of trusted trading options so they can buy and sell with confidence.”
The first stop is the Argentinean market, which Buyn explained offers a perfect launch pad in the region as it has a massive base of crypto savvy traders.
But the exchange’s plans for the region include making it into other lucrative markets including Brazil, Venezuela, Chile, and Colombia.
OKCoin is banking its success on the fact that it provides liquidity not “available elsewhere in Latin America,” and that at the moment, most of these countries are showing remarkable interest in cryptocurrency and have openly welcomed the use of blockchain technology.
Buyn also revealed that expanding its services into Argentina and the entire region may have come at the right time as it could be vital in efforts to “stabilize” the region’s economy due as investors now have “alternative option” to dwindling local fiat currencies.
He also noted that the importance of the region to crypto and blockchain could not be underscored, not with the “amount of creativity and ingenuity,” shown by developers, investors, traders, and the entire Latin American crypto ecosystem.
Notably, OKCoin’s entry into Latin America comes just in time to see it be part of the C20 Conference that kicks off this Friday in Buenos Aires.
Also important is the fact that the region has seen rapid growth in the use of Bitcoin ATMs amid a rise in demand for cryptocurrency as shown on LocalBitcoins.com.
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.