Bybit exchange officially expands to Argentina

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2022-06-26 05:02:39

Exchange Bybit has announced that it will expand its operations to Argentina, in an attempt to provide Argentine citizens with a progressive crypto platform.

Bybit exchange officially expands to Argentina

The relentless growth of the cryptocurrency industry in Argentina has become the focus of international crypto companies’ attention. Singapore-based Bybit, a prominent crypto exchange of the past year, has announced that it will expand its trading operations to directly support Argentine customers.

To better achieve this goal, the company will dedicate a professional development team to respond to current requirements and support Argentinian customers, allowing them to trade, buy and sell cryptocurrencies on the platform. Bybit’s platform. Regarding this milestone, Bybit stated:

“Considering the level of penetration and rapid growth in cryptocurrency adoption in Argentina, Bybit has made this decision, which is an important step for us in the Latin American region.”

In fact, in recent years, the people of Argentina have become closer and closer to crypto, as the country’s government begins to set limits on the number of dollars that citizens can transact, with a mechanism. foreign exchange controls, similar to the one introduced by the Venezuelan government earlier. In addition, inflation figures have also influenced interest in the new financial system.

In August 2021, Argentine President Alberto Fernandez was asked if his country should follow the path of El Salvador in recognizing Bitcoin as currency. In response, he said Argentina should not be too hasty but there is no reason to refuse this solution.

However, at the time the President made the above comment, Argentina was ranked 7th in the world inflation index. As a result, Argentina had to accept a loan from the IMF to solve its domestic economic situation, with the condition of restricting the use of crypto, combined with the fact that the Central Bank of Argentina has officially banned cryptocurrency trading through the domestic banks, causing the country’s cryptocurrency adoption process to encounter certain barriers. However, that did not stop the wave of crypto support of the people here.

Because of that, Bybit is betting big on this market in the hope of boosting Argentine user demand in the near future for new apps. Gonzalo Lema – Director of Bybit Argentina, said:

“Macro-economic conditions have become a factor in increasing cryptocurrency adoption in Argentina, as the customer base grows, interest in other potential uses of the new assets increases. floating will be extremely explosive.”

In a nutshell, Bybit will provide all of its available investment services and tools to Argentina, and an APY of 22% on Dai stablecoin deposits for residents registered before 11/07. Interestingly, Bybit has become a global sponsor for the Argentina football team.

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