OKCoin Rolls Out Argentina’s Crypto Trading Platform as part of Latin America’s Expansion
The new venue offers trading between the Argentine peso and several digital coins including Bitcoin (BTC), Ethereum (ETH), XRP (XRP), and Bitcoin Cash (BCH).
Cryptocurrency exchange OKCoin said on Thursday that it had launched a crypto-to-fiat trading platform, headquartered in Argentina’s capital Buenos Aires. The move is the first step of OKCoin’s plan to target Latin America’s countries as the virtual assets market is continuing to grow across the region.
OKCoin Argentina offers spot and margin trading for retail and institutional investors. The platform supports several cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Cardano (ADA), Stellar (XLM), Zcash (ZEC), 0x (ZRX), and other coins. Clients can exchange all virtual assets for the Argentine peso.
OKCoin plans to add more fiat currencies from the region in the coming months as well as new digital coins. The company will also hire additional staff for its Buenos Aires office so that it can become a hub for OKCoin’s expansion in the region.
OKCoin’s move comes as cryptocurrency adoption has widened across Latin America. Argentina’s recent financial problems have led to a boom in virtual asset interest and especially in the usage of ATMs. Another major economy in the region, Brazil, saw a significant boost of Bitcoin trading last year as Brazilians moved $2.4 billion in and out of BTC coins in 2017, a 1400% increase over the $160 million recorded in 2016, according to Forbes.
Several crypto exchanges have already revealed plans for Latin America operations including Huobi, one of OKCoin’s main competitors.
Huobi and OKCoin were among the leading digital currency trading platforms in China before the government’s crackdown on cryptos and ban on Initial Coin Offerings (ICOs) in September 2017. Fleeing China, the companies have since shifted their operations overseas.
Currently, OKCoin operates OKCoin International, which targets several countries and around twenty states in the US. The exchange clocked $1.2 million in trading volume in the last day while its sister exchange, OKEx, is one of the largest markets worldwide with nearly $1.7 billion in volume.