Bybit, a Singapore-based cryptocurrency exchange, has announced it will be expanding its operations to Argentina. The exchange wants to offer Argentinian citizens another platform on which to transact, given the popularity that the cryptocurrency industry is enjoying in the country. The exchange will also have a dedicated team to support Argentinian operations.
The growth of the cryptocurrency industry in Argentina has not gone unnoticed by international companies. Bybit, a Singapore-based, top-ten crypto exchange by volume traded, has announced that it will expand its trading operations to support Argentinian customers directly.
To better achieve this goal, the company will dedicate a team to attend to applicable requirements and support its upcoming Argentinian customers, allowing them to transact, purchase, and sell cryptocurrencies on Bybit’s platform. Also, the platform will be available in Spanish, the native language of the country.
Regarding this development, the exchange declared:
Taking into account the level of penetration and the rapid growth in the adoption of cryptocurrencies in Argentina, Bybit has made this decision, which is due to the importance of the Argentinian market in the Latin American region.
Due to all of this, Bybit considers it is the right time to expand its operations to the country, given that there is an opportunity for onboarding users still new to the cryptocurrency movement.
In recent years, Argentinians have been getting closer and closer to crypto, with this phenomenon starting after the government established limits to the number of dollars citizens could exchange, establishing a foreign currency exchange control, similar to the one established by the Venezuelan government before that. Inflation numbers have also influenced the interest in this new, alternative financial system.
The exchange is betting that this newfound interest in crypto, due to national and international market conditions, will power the demand of Argentinian users in the near future for new applications. About this, Gonzalo Lema, director of Bybit operations for Argentina, stated:
Although macroeconomic conditions have become a factor in increasing the adoption of cryptocurrencies in Argentina, as the customer base grows, interest in other potential uses of these assets will increase, such as the possibility of receiving remittances or even paying for goods and services with them.
The company will offer all of its available services and investment instruments in Argentina, and an APY of 22% on Dai deposits, to Argentinians registering before July 11.
What do you think about the new expansion plans that Bybit has for Argentinian markets? Tell us in the comments section below.