Leading cryptocurrency exchange OKX has announced the debut of digital asset services in Argentina, a country in the southern half of South America that is currently battling with severe inflation and the crashing of the local fiat currency.
As reported earlier by TheCoinRise, OKX has also confirmed that it will expand its partnership with the McLaren Racing Formula 1 team and added that its branding will be featured significantly on the team’s cars in the 2024 F1 season. Notably, the logo of the firm will be visible on the McLaren F1 team for 20 of the 24 races this season.
OKX Expands Operations in Argentina
As per the official statement, OKX has confirmed its focus on growing operations in Argentina and the entire Latin American market, adding that users will be able to access the firm’s crypto exchange platform, along with a self-custody wallet, and will also be able to trade non-fungible tokens (NFTs).
Growing Digital Asset Sector in Argentina
More importantly, Argentina has secured the 15th spot on the Chainalysis 2023 Global Crypto Adoption Index, a comprehensive metric that evaluates both on-chain and real-world data to gauge the leading nations in terms of crypto adoption.
We're thrilled to announce the official launch of our exchange and Web3 Wallet in Argentina! 🇦🇷
— OKX (@okx) February 7, 2024
It is important to mention here that recently, the National Commission of Value (CNV), the nation’s securities regulator, established the Bitcoin futures index as part of an innovative strategic plan.
Binance also Expanded in Argentina
Back in April 2023, OXK competitor Binance, the world’s largest crypto exchange by trading volume, also expanded operations in Argentina. Maximiliano Hinz, director of Binance for the Latam southern cone, told Reuters that his exchange has witnessed a surge in demand for digital asset services in the country.
“This launch has to do with the public demand that exists here,” Hinz stated.
Argentina is a Priority for OKX
As per the statement, Argentina is a priority for OKX as it plans to capitalize on Latin America and its crypto-friendly residents.
“We are delighted to officially launch the latest expansion of our world-class exchange and Web3 wallet in one of the most vibrant cryptocurrency markets in Latin America,” said OKX president Hong Fang.
Fang also highlighted the significant surge in Argentina’s crypto adoption rate owing to the declining financial condition of the country.
“The promise of crypto and blockchain is expanding across Latin America, and Argentina represents a crucial launchpad for our regional growth strategy,” Fang added.
Recently, OKX witnessed a surge in its market share after Binance’s market dominance fell sharply owing to the regulatory actions that were taken by US regulators.