• OKCoin says cryptocurrency traders in Argentina will now have access to its crypto-to-fiat services
• Cryptocurrencies are gaining significant traction in Latin America, especially in Venezuela where some are using it to circumvent hyperinflation

OKCoin, a Hong Kong-based digital assets trading platform and exchange, has opened shop in Argentina, and cryptocurrency enthusiasts in the Latin American state will now be able to buy Bitcoin and altcoins with the Argentine peso and vice versa, reported Finance Magnates on November 15th.

OKCoin Opens Shop in Crypto-friendly Latin America

At a time when some nations in the Latin American region are joining the virtual currency bandwagon to sidestep inflation in the region, OKCoin International, a Hong Kong-based cryptoassets exchange has expanded its operations to the region.

Despite the slump in the price of Bitcoin and altcoins, the bloodbath seems not to be hurting the exchange.

Earlier in September reports emerged that OKCoin had opened offices in 20 states in the United States, offering clients both fiat-to-crypto and crypto-to-crypto trading services.

The U.S expansion move was made possible due to the fact that the exchange successfully secured a Money Service Business (MSB) licensure with the United States Financial Crimes Enforcement Network (FinCEN) in November 2017.

“We’re excited to take this significant step forward as we strive to crush down the barriers preventing an entirely global cryptocurrency market while adhering to long-established regulations,” said  OKCoin CEO Tim Byun at the time.   

Crypto-to-Fiat Services in Argentina

.While OKCoin’s controversial subsidiary, OKEx  offers clients only crypto-to-crypto exchange services just like a host of other crypto trading venues, OKCoin has reportedly made it clear that Argentine residents will have access to its crypto-to-fiat services.

As such, crypto traders in the region will be able to seamlessly buy digital assets with the peso or sell their coins and get peso in return.

Commenting on the new development, OKCoin stated:

“These are exciting times indeed for Latin American digital assets investors. This is a region with more smartphones than bank accounts, and citizens have developed a great interest in crypto tokens.”

At a time when hyperinflation rages on like wildfire in the Latin American region, forward-thinking countries are adopting cryptos to beat the menace.

As reported  by Blockchain Reporter, in October 2018, Maduro made it clear that residents of Venezuela must purchase or renew their national passports with the petro.