One of the crypto platforms largest in the world lands in Argentina. Its about exchange of Chinese origin OKXwhich seeks to popularize its service web3 and increase “person-to-person” crypto purchases.
The company currently has 50 million clients and manages funds close to $15 billion globally.
What is Web3?
It is a decentralized website where end users control the data, determine the price, contribute directly to technical development. This mechanism differs from most applications that are controlled by centralized entities that determine how they store and use end-user data.
OKX seeks to ensure that Argentine users have the possibility of buy, sell or store a menu of hundreds of crypto assets, make “person-to-person” purchases, until you start investing in the world of decentralized finance.
“The promise of crypto and blockchain is expanding across Latin America and Argentina represents a crucial launching pad for our regional growth strategy“said the CEO of the company, Hong Fangwho made the launch official this month after visiting the country last November.
Argentina is one of the countries with the largest holdings of cryptocurrencies in the region, why is that?
According to the Bitso report, Argentina is ranked 15th in terms of crypto adoption worldwide. In the region, it occupies second place, only below Brazil and its capital, Buenos Aires, is one of the cities with the highest concentration of users.
Crypto ownership is driven in our country by economic situation and the constant search for coverage in the face of voracious inflation which destroys purchasing power at great speed. This generated a more qualified population at the investment level, “for pure survival“, he stated in the report Julian Colombogeneral director for Argentina.
The context resulted in the fact that, at the local level, the crypto dollar represents 60% of the total cryptocurrency purchases made in Argentina, that is double the regional average. In percentage of portfolio, at the end of 2023, Argentina had 26% in stablecoinswhich exposes the effect of the macro in the crypto world.
Source: Ambito
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