Singapore-based cryptocurrency trading platform Huobi has rolled out an exchange in Argentina, planning to add support for a fiat-to-cryptocurrency gateway.
Huobi Expands to Argentina, Plans to Launch Fiat-to-Crypto Gateway
Per a press release shared with Cointelegraph on Sept. 17, Huobi officially launched Huobi Argentina using Huobi Cloud, a service that allows users to build over-the-counter (OTC) and digital asset exchanges on top of Huobi’s existing platform.
For now, Huobi Argentina’s users can purchase digital currencies with Argentine Pesos (ARS) using Huobi’s OTC service, but the exchange is planning to set up a fiat gateway to trade ARS for crypto in October of this year. This will purportedly enable users to buy crypto using credit cards, transfer and some local digital payment providers.
Carlos Banfi, CEO at Huobi Argentina, said that the move could contribute to attracting global investment, adding:
“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.”
Huobi’s confident expansion
In late July, Huobi’s Thailand-based subsidiary secured the country’s fifth official license to operate a fully-regulated digital asset exchange. Huobi Thailand is expected to launch in Q3 2019, offering both regulated crypto-crypto trading and fiat on-ramps.
In June, news broke that Huobi exchange would expand its operations to Turkey, planning to have a crypto-to-fiat onramp for Turkish users by the end of 2019. Huobi’s entrance to the Turkish market will be overseen by official branch of Huobi Group, Huobi Middle East, Africa, and South Asia (Huobi MENA), which is based in Dubai.