Beijing-based cryptocurrency exchange OKCoin has announced the expansion to Latin American markets, starting off with a local office in Buenos Aires.
The firm features fiat-to-crypto capabilities, which is likely to attract a population that is suffering from a volatile fiat currency, the Argentine Peso. Argentina’s official currency has lost nearly half its value in a year as the inflation rate in September reached 40.3 percent YoY.
OKCoin will offer fiat-to-crypto trading between the Argentine peso and several major cryptocurrencies, with traders being able to deposit the Argentine peso (ARS) in exchange for cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, Cardano, Stellar, Zcash and 0x, with more being added soon.
Other Latin American fiat currencies will be added in the coming months as the exchange targets a number of markets in the continent. The Buenos Aires office will be responsible to manage the operation in Latin America. The operator services customers in over 110 countries.
Tim Byun, Chief Executive Officer at OKCoin USA, commented:
“OKCoin is committed to opening up new markets for digital currency consumers throughout the world, and we are very excited to bring our safe, secure and licensed trading platform to consumers in Argentina. This is just the beginning of our Latin American expansion, as we’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence.”
OkCoin, which already supports fiat trading for US dollars from users throughout the world, plans to expand throughout Latin America and the rest of the world by supporting more local fiat currencies in the near future. The company expanded to offer fiat trading in the US earlier this year.