Huobi Group, one of the world’s leading cryptocurrency exchanges based in Singapore, announced the launch of its latest division, Huobi Argentina—a new exchange based in South America and supported by Huobi Cloud.
Huobi said its offering would include a fiat onramp for Argentine Peso (ARS) and a dedicated office with local resources. The move establishes one of the first significant fiat-to-crypto onramps in the region. For now, Huobi Argentina’s users can purchase digital currencies with 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. The firm also plans to allow users to purchase crypto with credit cards and wire transfers beginning in October.
Carlos Banfi, CEO at Huobi Argentina, said that the move could contribute to attracting global investment, adding that Argentina is South America’s most promising market for blockchain development.
Expanding Through Latin America
Huobi plans to establish a local team of cryptocurrency developers and enthusiasts to expand its operations throughout Latin America and open the doorway to trades between the Argentine peso (ARS)—the country’s national currency—and digital assets, according to the company’s statement.
Latin America has become a prime trading ground for cryptocurrencies. The company behind Dash, for example, recently announced that approximately 10,000 Dash wallets have been opened in both South and Central American countries.
According to David Chen, senior business director at Huobi Cloud, it’s exactly this sort of demand that drove Huobi to make the jump into Argentina. “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,” he said.
Huobi Group has expanded rapidly in recent years, opening up exchanges in areas like Turkey, Japan, South Korea, Russia and the United States.