Huobi Expands Crypto Exchange to Argentina Amid Peso Devaluation

Crypto exchange Huobi is expanding to Argentina as cryptocurrencies gain acceptance in the region as a hedge against the infamous inflationary peso.

AccessTimeIconSep 18, 2019 at 5:15 a.m. UTC
Updated Sep 13, 2021 at 11:27 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto exchange Huobi is expanding to Argentina as cryptocurrencies gain acceptance in the region as a hedge against the infamous inflationary peso.

The company said in an announcement on Tuesday it has launched Huobi Argentina, a local exchange that will facilitate purchases of a range of cryptocurrencies with the Argentine peso.

Huobi also plans to open a fiat gateway for the exchange in October, enabling people to buy cryptocurrencies via credit cards, wire transfers and other commonly used payment methods in Argentina, including Mercadopago.

The exchange said the demand for cryptocurrency in Argentina is driven by the country’s openness to the nascent technology and the need to find an alternative to mitigate the risks caused by the peso devaluation.

Argentina ranks fourth in terms of the percentage of cryptocurrency adoption worldwide with 16 percent, according to a report by market data provider Statista. The report notes that Latin America has more crypto users than any other region percentage-wise.

"Argentina's volatile economic situation, including the country's newly imposed currency controls and rampant inflation, creates a flourishing environment for cryptocurrency adoption,” the exchange said.

Argentina recently imposed currency controls to stabilize the peso markets, restricting residents from purchasing foreign currencies. 

“The increasing demand for crypto-related products and services makes Argentina a perfect entry point for Huobi to pursue larger projects in promoting cryptocurrency and blockchain to the market,” David Chen, senior business director at Huobi Cloud, said in the statement.

 image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about