Cryptocurrency adoption seems to be on the rise in Latin America and that’s the reason exchanges seem to be eyeing the country. While crypto is growing in Latin America, it is not just due to hyperinflation in Venezuela and Argentina. Cryptocurrency adoption is on the rise with a fresh wave of startups leading the way. While spikes in Bitcoin trading volumes are kind of expected in Venezuela and Argentina, Mexico, Chile and even Peru are witnessing a similar trend.
The parent company of the world’s largest cryptocurrency exchange OKEx, OKCoin has launched fiat-crypto trading services in Argentina. OKCoin shared the announcement via a tweet on November 15. In Latin America, the old Silicon Valley venture capital model of securing funds doesn’t work there. So, with little stock market action, no government support, and a lack of venture capital funding, companies are beginning to turn to cryptocurrency to carve out their piece of the pie.
The first smart contract cryptocurrency exchange platform, Rootstock may be one of the most promising and exciting crypto projects not just in Latin America but in the entire world. The exchange intends to build upon the Bitcoin ecosystem by adding value by extension and not just by adding greater functionality to the network.
Bitpagos, Argentina’s biggest exchange, is another major player in Latin America’s crypto startup scene. The exchange has leveraged its success to launch an ICO in order to build a peer-to-peer credit network. It has already gained a partnership with Naranja, one of the biggest credit card issues in the region, as reported on Crypto Insider.
Latin America’s largest exchange Bitso is also looking to shake up the world of finance. Bitso users are already able to send and receive fiat transactions instantly to anyone using the exchange platform. The exchange is also planning to transform the way Mexicans buy their groceries, pay their bills and even purchase a cup of coffee.
Cryptocurrency exchange OKCoin has revealed that in the coming months, it will be extending its services all over Latin America adding other local fiats to the list. In the near future, the company also has plans of opening an office in Buenos Aires and building a team to support development in the region, as reported on Cointelegraph.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]