Bybit, a Singapore-based cryptocurrency exchange, has announced that it is expanding its operations to Argentina. The exchange hopes to provide another platform for Argentine citizens to conduct transactions as the cryptocurrency industry grows in popularity in the country. The exchange also plans to establish a dedicated team to support its operations in Argentina.
Bybit lands in Argentina.
The growth of the cryptocurrency industry in Argentina has not gone unnoticed by international firms. Bybit, a Singapore-based crypto exchange that ranks in the top 10 by volume, has announced that it is expanding its trading operations to directly support customers in Argentina.
To better achieve this goal, the company will attend to applicable requirements and dedicate a team to support Argentine customers going forward, allowing them to trade, buy, and sell cryptocurrencies on Bybit’s platform. The platform will also be offered in Spanish, the country’s native language.
With regard to this development, the exchange declared:
Bybit made this decision given the level of penetration and rapid growth of cryptocurrencies in Argentina, which is attributed to the importance of the Argentine market in the Latin American region.
Given these factors, Bybit decided that it was the right time to expand its operations into the country, as there is an opportunity to onboard users who are still new to the cryptocurrency movement.
The Appeal of Argentine Crypto
{In recent years, Argentines have been moving closer to crypto, a phenomenon that began after the government established limits on the number of dollars that citizens could exchange and foreign currency exchange controls similar to those established by the Venezuelan government before it. Inflation has also influenced interest in this new alternative financial system.
The exchange is betting that this renewed interest in crypto, due to national and international market conditions, will empower the demand for new applications by Argentine users in the near future. In this regard, Gonzalo Lema, Bybit Operations Director for Argentina, stated.
Macroeconomic conditions are a factor in increasing the adoption of cryptocurrencies in Argentina, but as the customer base expands, interest in other potential uses for these assets, such as receiving remittances and the possibility of paying for goods and services with cryptocurrencies will increase .
The company plans to offer all of its services and investment products to Argentineans who register by July 11, with an APY of 22% on Dai deposits.
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