OKX Breaks Into Argentina With Wallet And Crypto Exchange

Jimmy Aki
Last updated: | 1 min read
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OKX launched localized trading services in Argentina on February 7 to provide Argentinians access to the non-custodial OKX Web3 Wallet.

This development will establish a secure gateway for managing DeFi, trading NFTs, accessing dApps, and more in one of Latin America’s largest crypto markets and the country with the third-largest GDP.

OKX Expands Global Footprint With Foray Into Argentina

The debut includes the introduction of a localized crypto exchange platform and a Web3 wallet, according to the OKX press release.

Other products available to local investors include peer-to-peer trading, staking, and extensive liquidity spanning numerous digital assets.

OKX President Hong Fang expressed satisfaction with the launch of their latest expansion.

“We’re pleased to officially launch our latest expansion of our world-class crypto exchange and Web3 wallet in one of Latin America’s most vibrant crypto markets,” she said.

She also emphasized the great potential of crypto and blockchain in Latin America, highlighting Argentina as a key point for their regional growth strategy. According to Chainalysis, Argentina is the second-largest crypto market in Latin America, home to over 4 million crypto users.

Crypto Adoption Continues to Soar in Latin America

There is a good reason behind OKX’s strategic Latin America move. In December 2023, the exchange opened shop in Brazil, Latin America’s biggest crypto market.

With rising inflation and difficulties with cross-border payments, it’s easy to understand why crypto adoption continues to rise in Latin America. According to the Chainalysis Global Adoption Index, the region received about 9.1% of the global crypto in 2023. Institutional adoption in Latin America has also been encouraging.

Brazil’s largest bank Itau Unibanco now offers crypto trading services to its clients. The bank also serves as the crypto custodian of the assets, as it now allows customers to trade crypto assets like Bitcoin and Ethereum. Popular cities in Argentina, such as Buenos Aires, now even accept Bitcoin as a form of tax payment. The Santa Fe Province also considered using funds from crypto mining to finance state projects.