Crypto exchange Bybit recently announced that it is expanding its services to Argentinian customers. The Singapore-based exchange said that it wants to provide crypto users in Argentina with another platform for conducting transactions, given the popularity of digital assets in the country. The exchange also plans on setting up a dedicated team for its operations in Argentina.
International crypto companies have taken note of how quickly the crypto industry has grown in Argentina. One of the top-ten Singaporean exchanges based on trading volume, Bybit, has also been keeping an eye on the progress of the industry in Argentina and has decided to expand its operations to the country.
As it directly wants to cater to customers in Argentina, Bybit will set up a team that will deal with the requirements applicable in order to support its operations. This will enable Argentinian citizens to use the Bybit platform for buying, selling and transacting crypto on its platform. In addition, the platform also plans on adding support for Spanish, which is the language spoken in Argentina.
The announcement of the exchange said that it was the rapid growth and extent of penetration of the crypto industry in Argentina that led to this decision. It also added that the country has a very prominent position in the Latin American crypto market. Therefore, Bybit considers the time ripe for expansion to the country, as it will be able to onboard people who are still new to the industry.
Crypto Appeal in Argentina
The last few years have seen an explosion in the popularity of cryptocurrencies in Argentina. This occurred after the Argentinian government had imposed a limit on the number of dollars that could be exchanged by citizens. This foreign exchange control was not very different from the one that the Venezuelan government had also implemented.
Moreover, the high inflation in Argentina had also pushed up the level of interest in the new financial system. Bybit believes that the national as well as international conditions, combined with the interest in crypto in Argentina, will result in high demand for platforms that give access to the industry.
Gonzalo Lema, the head of the Argentinian operations of Bybit, said that crypto adoption had increased in Argentina due to macroeconomic conditions. But, he said that with a growing customer base, there would also be interest in other uses of these cryptocurrencies like payments of goods and services, or receiving remittances. Argentinians who register on Bybit before July 11th will get a 22% APY on Dai deposits. All of the company’s available instruments and services will be provided in the country.
While the Bybit platform is expanding to Argentina, there is a possibility that it may have to shut down its Canadian operations. The Ontario Securities Commission (OSC) is negotiating with Bybit about its registration and if they are unable to come to an agreement, the platform will move out. It has already been asked to pay a penalty and investigation costs for missing a registration deadline.