OKX Expands Services to Argentina

By Altcoin Buzz
10 days ago
2024 2024 BTC RISE

OKX has continued its expansion in Latin America and has launched its services in Argentina.

Argentine users will now be able to trade NFTs, access a self-custody wallet, and use the OKX exchange for trading activities.

OKX Marks Its Territory in Argentina with Service Expansion

South American countries such as Brazil and Argentina have opened their doors to cryptocurrencies and view them as a way to combat their failing currencies. OKX has previously expanded its services to Brazil.

OKX president Hong Fang said the exchange’s expansion to Argentina was in response to the growth of digital assets in the country. Fang stated that “the promise of crypto and blockchain is expanding across Latin America, and Argentina represents a crucial launchpad for our regional growth strategy.”

Furthermore, Argentina has spurred its citizens to adopt cryptocurrencies as an alternative means. The nation’s government launched the “Bases for the Reconstruction of the Argentine Economy” legislation in December 2023. This policy allows Argentine citizens to settle their contracts within the nation using Bitcoin and other cryptocurrencies.

The Rise of Crypto Caves

Despite the go-ahead on Bitcoin, most Argentines seem to prefer stablecoins. Some claim that Bitcoin’s volatility endangers their finances. Recent reports claim that Argentines are relying on underground markets known as “crypto caves” to buy US-dollar pegged stablecoins. This is part of their attempt to get around stringent currency regulations and inflation. 

These crypto caves are discreet peer-to-peer exchanges that run covertly. Guillermo Escudero, the strategic alliances manager at CryptoMarket, said in an interview, “It (crypto caves) is not a normal commercial place with public attention. They are hidden places where one goes with prior confirmation to meet and can change their local fiat money against cryptocurrencies, mostly USDT.”

In addition, Escudero claimed that by using crypto caves, residents can secure a superior rate to the official exchange rate. Most Argentines believe saving USDT helps them save more over time.

Furthermore, Escudero noted that officials have probed and even invaded a few crypto caves. However, these crypto caves remain popular amongst the locals as they are one of the few locations where they can exchange their pesos.

Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

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