Cryptocurrency exchange OKX has declared its expansion into Argentina as part of its ongoing strategy to target the Latin American market, following its debut in Brazil in late 2023.
In a recent statement, OKX announced that Argentine users would have access to OKX’s crypto exchange platform, a self-custody wallet, and the ability to trade nonfungible tokens (NFTs).
Argentina occupies the 15th position on the Chainalysis 2023 Global Crypto Adoption Index, which evaluates on-chain and real-world data to gauge nations leading in crypto adoption. Meanwhile, Brazil holds the ninth rank.
“We’re thrilled to announce the official launch of our exchange and Web3 Wallet in Argentina! This global expansion is a vital step in unlocking the potential of crypto across Latin America,” OKX tweeted.
The announcement follows about nine months after competitor crypto exchange Binance introduced exchange services in Argentina.
Maximiliano Hinz, director of Binance for the Latam southern cone, explained to Reuters in April 2023 that the expansion decision stemmed from the growing demand for crypto services in Argentina.
“This launch has to do with the public demand that exists here,” Hinz stated.
OKX president Hong Fang highlighted Argentina’s significant growth in crypto adoption:
“We are delighted to officially launch the latest expansion of our world-class exchange and Web3 wallet in one of the most vibrant cryptocurrency markets in Latin America.”
Fang added that Argentina is a priority as part of its expansion plans across Latin America.
“The promise of crypto and blockchain is expanding across Latin America, and Argentina represents a crucial launchpad for our regional growth strategy,” Fang stated.
This follows the recent announcement of the “Bases for the Reconstruction of the Argentine Economy” decree passed in December 2023, permitting Argentine citizens to use Bitcoin and other cryptocurrencies to settle contracts within the country.
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Diana Mondino, the Argentine minister of foreign affairs, international trade and worship, confirmed the news that “Argentina contracts can be settled in Bitcoin, and also any other crypto.”
However, in October 2023, Cointelegraph reported that Latin America prefers centralized exchanges over decentralized exchanges compared with the rest of the world.
“Latin America shows the highest preference for centralized exchanges of any region we study, and tilts slightly away from institutional activity compared to other regions.“
Nonetheless, in May 2023, Argentina’s central bank banned payment providers from offering crypto transactions to reduce the country’s payment-system exposure to digital assets, subjecting fintech companies to the same regulations as conventional financial institutions in Argentina.
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