The Huobi Global company has established a subsidiary exchange in Argentina, with plans of implementing fiat-to-cryptocurrency conversion services.
According to a blog post made today, Huobi Argentina was officially launched through Huobi Cloud, a service that enables the development and deployment of over-the-counter (OTC) and crypto exchanges on top of Huobi’s existing platform.
Argentina-based users will be able to purchase crypto with their native fiat currency the Argentine Pesos (ARS) on Huobi’s OTC platform, but the exchange intends on adding a fiat gateway to trade ARS for crypto later on in October. This implementation will enable users to make crypto purchases using credit cards, transfer options and through some local electronic payment providers.
CEO at Huobi Argentina, Carlos Banfi, said that the launch of the new subsidiary is beneficial for attracting global investors:
“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.”
“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,” said Huobi Cloud Senior Business Director, David Chen.
He continued: “With the launch of Huobi Argentina, we will be able to first offer local user the opportunity to trade with Huobi’s proven security, liquidity, and stability.”
Another one of Huobi’s branches, Huobi Thailand received in July the country’s fifth official license which makes it officially a fully-regulated crypto exchange. Huobi Thailand is scheduled to be launched in Q3 2019, and provide both regulated crypto-crypto trading and as well as fiat conversions.
Huobi also announced another expansion initiative back in June, when it said it was planning to establish a crypto-to-fiat onramp for Turkish users by the end of 2019. Huobi Turkish subsidiary will be managed by an official branch of Huobi Group, Huobi Middle East, Africa, and South Asia (Huobi MENA), which has its main office in Dubai.
Featured image: Askcrypto