OKCoin starts exchange operations in Argentina.
The exchange house of cryptocurrencies OKCoin starts exchange operations in Argentina, from this Thursday, November 15, with support for the official currency, the peso. The startup, based in Hong Kong, announced that this is a first step to expand operations in Latin America in the short and medium term.
To learn more about the launch, CriptoNoticias spoke with Pablo Magro, manager of OKCoin for the region. Magro informed that the company decided to start its work in Argentina because it exhibits a potential in the “world of cryptocurrencies” and for being a “relatively advanced market”.
“We decided to start with the Argentine peso because it is a relatively advanced market in the world of cryptocurrencies. In addition, we must remember that the use that is generally given in Latin America is to turn to cryptocurrencies as a form of protection against the local currency. Given that the value of Argentina’s currency remains uncertain, we hope to provide Argentines with a variety of cryptocurrency options and tools for trading. We have great expectations regarding the Latin American market.”
OKCoin announced that Argentines will be able to exchange pesos for the following cryptocurrencies that they offer on their platform: bitcoin, bitcoin cash, ether, ethereum classic, litecoin, XRP, cardan, stellar, zcash and 0x. It was also reported that other options will be added as the market continues its expansion.
In relation to the process to transfer funds to OKCoin, Magro explained to this newspaper that, “to make deposits in Argentine pesos, it is necessary first to have the account verified. This means, completing the registration and providing the documentation required by our Compliance department. Once the account is verified, users will see the option of deposits in Argentine pesos. We will have two options: bank transfer and through Rapipago.”
When asked about the commissions that users must pay, the executive replied: “OKCoin charges 0% commission for deposits. The commission that users would pay is that of our payment provider, which is detailed in the description of each option.”
At this point it is important to remember that OKCoin started operations in 2013 and became one of the 3 most important exchange houses in China. However, in 2017, due to government restrictions on suspending the operations of all the cryptoactive exchange offices, they had to rethink their business models to other latitudes. The company currently has operations in 110 countries, including the United States, Japan and South Korea, three of the most important markets for companies that make life in the ecosystem.
OKCoin has an agenda to offer support for other Latin American users. The manager for the region said that “Brazil, Colombia and Mexico are on the radar.” In addition, he highlighted the results obtained by the incursion of the company in the United States: “our arrival in the US market was a big step for us, now we continue with our expansion plan. Latin America is a very important region for OKCoin and we see great potential to land in several countries.”
The company also announced that other official currencies will be added later to have a greater offer in the region. OKCoin users, in different parts of the world, can exchange US dollars on the platform to acquire cryptoactives.
The cryptocurrency exchange houses in Latin America offer a service that has been marred by the closure of their bank accounts. Cases such as those of the Chilean Buda.com, which had to close operations in Colombia for this reason or the Bitcoin Market in Brazil, which had to initiate legal proceedings against Banco Santander for the closure of its current accounts, had repercussions on the media. In Chile, one can cite the cases of Buda.com itself and CryptoMKT, which had to restrict the service for the same reason.
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and / or services. This press release is for informational purposes information does not constitute investment advice or an offer to invest.