Huobi now lets you buy cryptocurrencies with fiat money in Argentina, Mexico and Brazil

Key facts

:

  • You can buy bitcoin, ether, litecoin and EOS paying with Argentinean, Mexican and real pesos.

  • Huobi will not charge commissions during the first month for these transactions.

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The cryptocurrency exchange Huobi Global has partnered with Settle Network to enable the purchase of cryptocurrencies with fiat money in several Latin American countries. Thus, users in Argentina, Mexico and Brazil can purchase bitcoin (BTC), ether (ETH), litecoin (LTC) and EOS (EOS) with their local currency.

According to PR Newswire

, this new possibility that the Asian company offers to Latin American users is possible thanks to its alliance with Latamex, a platform owned by the cryptocurrency solutions company Settle Network.

Latamex offers the possibility of buying cryptoassets by paying with Argentine pesos, Mexican pesos or reais (depending on the country of residence) through bank transfers. To do this, Huobi

reported that purchases must be made directly on the Latamex platform, but the funds are credited to the Huobi wallet. In addition, users from the aforementioned countries will not pay commissions for the purchase of cryptocurrencies in their first month using the platform.

With this methodology, a major barrier that exists in Argentina for the purchase of cryptocurrencies is avoided. As reported by CriptoNoticias, since November 2019 in this country you can not use a credit card to purchase this type of digital assets in foreign exchanges, because the currency exchange must be approved by the Central Bank. However, the players in the industry clarified

that this is allowed when both participants of the transaction, the buyer and the seller, reside in the country. Huobi now lets you buy cryptocurrencies with fiat money in Argentina, Mexico and Brazil <img src=”https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/wallet-1024×485.jpg 1024w, https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/wallet-300×142.jpg 300w, https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/wallet-768×364.jpg 768w, https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/wallet-1536×728.jpg 1536w, https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/wallet-560×265.jpg 560w, https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/wallet-750×355.jpg 750w, https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/wallet-1140×540.jpg 1140w, https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/wallet.jpg 1768w” alt=” width=”-498″ height=”-235″ /> Latamex, Huobi’s partner in Latin America, describes the process for buying cryptocurrencies on its website. Source: Latamex.com.

Huobi expands in Latin America

This new step to capture the Latin American audience is given, according to the cited source, by the growth of the cryptocurrency market in the region that Huobi

envisions. In that sense, Jeff Mei, director of global strategy of Huobi, said that “more than 600 million people live in Latin America and many of them are already familiar with the blockchain and cryptocurrencies, so the expansion of our presence is a natural evolution”.

Moreover, the Chinese-based exchange had already announced other good news this year, such as the launch of its new Huobi Prime platform, where premium tokens can be traded, and a vast investment of USD 100

million for the development of DeFi projects.

Currently, this is considered one of the largest exchanges in the world, with a daily trading volume of approximately USD 37 billion and 383 cryptoassets listed, according to its official site.