The Singapore-based crypto exchange, ByBit, recently revealed that it has landed in Argentina as part of its expansion to other climes. Bybit wants to expand its operation in Latin America and has chosen Argentina as its next market destination.
According to Bybit, the exchange wants to offer Argentinians an alternative platform to trade and invest in cryptocurrency, given its acceptance in the country. The exchange added that a dedicated team is on standby to serve the Argentinian crypto market.
Argentina’s Growing Crypto Profile
The South American nation has a growing cryptocurrency ecosystem, and international companies are looking to leverage this huge market to expand further. As one of the top 10 crypto exchanges, Bybit also identified Argentina as a robust market for its crypto services.
The expansion aims to provide unrivaled crypto services to Argentinian citizens and directly serve the market with a dedicated team. Bybit noted that all services are available in Spanish, the country’s national language, to help users understand the platform better.
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According to Bybit, Argentina has one of the world’s highest cryptocurrency penetration and adoption. And the market has a crucial position in Latin America, influencing Bybit’s decision.
Moreover, the exchange sees it as the right approach and time to expand its services to different regions. The exchange is taking the chance to onboard new users to the digital asset space, and it is also taking the chance to get its slice of Latin America’s crypto market.
Crypto Appetite is High in Argentina
Since the explosion of cryptocurrency and its move to the mainstream, Argentinians have been continuously attracted to digital assets. However, this phenomenon began when governments limited the number of dollars citizens could exchange to stabilize the economy.
Establishing a foreign currency exchange control mechanism similar to its Venezuelan counterpart also increased the interest in cryptocurrency. Inflation and the gradual decline in the value of the country’s fiat currency position cryptocurrency as an alternative transaction platform. Widespread economic underdevelopment is another reason crypto assets are gaining ground in Latin America.
Meanwhile, Bybit is banking on the interest in crypto triggered by national and international market situations that drive future demand for crypto assets.
Commenting on the market prospects, Gonzalo Lema, Bybit’s director of operations in Argentina, noted that macroeconomics contributes to increased crypto adoption in the country. With an increased user base comes a surge in demand for other digital assets.
This will further expand the possibility of receiving funds and remittances from family members or relatives who live outside of Argentina, Lema added.
The dwindling local economy is identified as the major contributor to the expansion and adoption of cryptocurrency. Experts believe less developed nations tend to have a higher use case for crypto than economically developed ones.
However, some argue that despite economic progress, income inequality persists, and cryptocurrencies will level the playing ground for others to be financially buoyant.
Bybit noted that all its crypto services and investment tools would be available to Argentinians who register before July 11.