Bitcoin exchange CEX.io has partnered with payment solution provider AstroPay to launch local currency account deposits and withdrawals in Latin America.
Prior to the partnership, CEX.io users in Latin America were only able to deposit and withdraw funds via bank transfers or cards.
"Such operations were only possible in USD or EUR, which was very expensive for them," said Helga Danova, communications officer.
The new integration, she added, will enable customers in Argentina, Brasil, Chile, Colombia, Peru, Mexico and Uruguay to purchase bitcoin with local currency. Consumers in China and Turkey will also be able to fund their CEX.io accounts with their local currencies using AstroPay.
According to a statement released by CEX.io, AstroPay charges a 2.5% fee for both deposits and withdrawals carried out through online banking. Danova noted users may also be charged an additional fee by their bank.
Having pivoted away from bitcoin mining, CEX.io has a comparably low 24-hour trading volume (approx $102,624 for BTC/USD trades) in comparison to other exchanges such as Bitfinex ($13,587,900 for BTC/USD trades).
CEX.io launched account withdrawals and deposits in 23 US States in April in an attempt to advance in the market.
"We are working on providing the best solutions for users from different parts of the world, aiming to become a global exchange with a local approach,"concluded Danova.
Map image via Shutterstock.