OKX Forays Into Argentina’s Crypto Market After Brazil Debut

• Argentina ranks 15th as per Chainalysis 2023 Global Crypto Adoption Index.
• Among its Latin American growth goals, Fang emphasized Argentina’s importance.

As part of its continuous plan to pursue the Latin American market, crypto exchange OKX has announced its launch into Argentina. This comes after its official debut in Brazil at the end of 2023. It was recently revealed by OKX that its crypto exchange platform, self-custody wallet, and the ability to trade NFTs, would be available to users in Argentina.

According to the Chainalysis 2023 Global Crypto Adoption Index, which considers both on-chain and real-world data to determine which countries are leading the pack when it comes to crypto adoption, Argentina ranks fifteenth. Brazil is ranked tenth at the same time. Nearly nine months have passed since Binance, another cryptocurrency exchange, began offering its services in Argentina.

Strategic Growth Plans

Moreover, according to Maximiliano Hinz, Binance’s director for the Latam southern cone, who spoke with Reuters in April 2023, the decision to expand was driven by a rising need for crypto services in Argentina. Also, the launch was being driven by the existing public demand, according to Hinz at that time.

The head of OKX, Hong Fang, has recently highlighted the meteoric rise in crypto use in Argentina. Among its Latin American growth goals, Fang emphasized Argentina’s importance. Furthermore, Argentina is a key launchpad for their regional business plan, according to Fang, who claimed that the potential of crypto and blockchain is extending throughout Latin America.

In December 2023, the “Bases for the Reconstruction of the Argentine Economy” regulation was issued, allowing Argentine people to utilize Bitcoin and other crypto to settle contracts inside the nation.

Highlighted Crypto News Today:

ARK21 Shares Spot Bitcoin ETF ‘ARKB’ Hits $1B AUM Milestone