The Huobi Group, which owns one of the most important crypto exchanges in Asia, is set to expand its business. Now, the company wants to launch another exchange in Argentina in order to create a fiat-to-crypto gateway in the Latin American country.
According to the company’s press release, Huobi Argentina will use Huobi Cloud, a service that will let the user trade assets with other Huobi platforms using an over the counter (OTC) desk. Another important selling point is that users can use the local fiat currency to buy tokens.
At the moment, they can already do it, but only via the OTC desk. After the launch, they will be able to do it with credit cards, wire transfers and even using some local payment options.
The CEO of Huobi Argentina, Carlos Banfi, affirmed that this could also lead global investment to look at Argentina. He considers the country to be one of the most promising markets for the blockchain and affirmed that it is a national consensus that people need to “break free” from the Argentinian Peso (ARS), so cryptos are bound to grow in the country soon.
Huobi is actually pretty confident about this expansion. Recently, the company also promised to launch an exchange in Thailand as well. The announcement of the platform in Argentina comes only a few months after the CEO of Binance, one of the main competitors of Huobi, has shown some interest in launching its platform in the country.
In this market, the companies that expand first will have several advantages when compared to the others, so it is a good move to do this.