OKCoin Greeted by Continent-wide Crises
According to an official statement, OKCoin opens business in Argentina. According to the statement, the platform will offer both Spot and Margin trading between the peso and several major cryptocurrencies. In particular, users will be able to exchange the Argentine peso (ARS) for “Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, Cardano, Stellar, Zcash, 0x.”
Further, the statement details that other Latin America currencies will soon gain support. In addition, OKCoin will establish an office in Buenos Aires which will also form the nucleus of continental operations. Particularly, OKCoin makes just one of the many crypto businesses that are flocking the region plagued with economic crises. Specifically, Argentina is in a tight grip of a downturn that is seeing the currency slide dangerously.
As the peso slides, Argentines are looking for a stable currency. This is because the peso is proving too volatile to hold value for even a day. As a result, there is unprecedented activity involving cryptocurrencies. Subsequently, crypto-related businesses are rushing into the country for an opportunity to exploit demand. According to the CryptoCoin reporter, the booming crypto businesses led to installation of Bitcoin ATMs in Argentina. As per the report, Argentina, like other Latina economies like Venezuela is looking to crypto for salvation.
“Last year, Argentina debuted the first cryptocurrency ATM that would dispense Bitcoin in a shopping center in Buenos Aires,” the CryptoCoin reporter reveals.
Does Crisis Create Crypto Demand?
Further, the publication notes that: “Bitcoin ATMs are enjoying a rising popularity in the country. This could be due to the strengthening of the US dollar alongside devaluation of the peso. As a result, many more people are migrating to Bitcoin which exhibits far less volatility in its pricing.”
According to Business Live, it seems that crises are the order of the day.
“Though the challenges facing other major countries in the region are not as severe as in Venezuela, it’s clear that mounting problems and public anger have become common features throughout Latin America,” Business Live observes.
Therefore, as OKCoin opens business in Latin America, it seems there could not be a better time for the move. The news release by OKCoin notes that the region has more smartphones than bank accounts. This implies that most of the population is outside the financial industry. In particular, the region looks ripe for a cryptocurrency revolution. Interestingly, Tim Byun, CEO at OKCoin USA agrees with this assessment. Commenting on the new venture, Byun said the Argentina foray is just the first step in a Latin America journey.
“We’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence,” said Byun.
However, the exchange still faces the challenge of the falling value of the price of cryptocurrencies. In particular, the current price of Bitcoin does not inspire any confidence for new crypto investors. Data on CoinMarketCap indicates that Bitcoin is trading at yearly lows.