Bybit Exchange has announced that it will expand its operations to Argentina with an ambition to provide Argentine citizens with a progressive crypto platform.
The relentless development of the crypto industry in Argentina has become a “lookout” for international crypto companies. Bybit, a prominent crypto broker in the last year based in Singapore, has said the company would expand its trading operations to support Argentine clients directly.
To achieve this goal better, the company will devote a professional development team to meet current requirements and support Argentine customers, allowing them to trade, buy and sell cryptocurrencies on Bybit’s platform.
On this milestone, Bybit stated:
“Considering the level of penetration and rapid pace of crypto adoption in Argentina, Bybit has made this decision, which is an important step for us in Latin America.”
In fact, in recent years, the Argentine people have become closer and closer to crypto, as the country’s government began to set limits on the number of USD that citizens can trade by means of a foreign exchange control mechanism, similar to the measure previously introduced by the Venezuelan government. 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 El Salvador’s path of recognizing Bitcoin as a currency. In response, he said Argentina should not be too hasty, but there is no reason to reject the solution.
However, at the time of the President’s remarks, Argentina was ranked 7th in the world inflation index. Argentina must therefore accept a loan from the IMF to address its domestic economic situation, provided that it restricts its use of crypto, combined with the fact that the Central Bank of Argentina has formally banned crypto trading through its domestic banks, which has followed the process of receiving crypto from specific barriers. But that also cannot stop the wave of crypto support of the people here.
For that reason, Bybit is betting heavily on this market to boost Argentine users’ demand soon for new applications. Gonzalo Lema, director of Bybit Argentina, said:
“Macroeconomic conditions have become a factor in increasing the adoption of cryptocurrencies in Argentina. As the customer base increases, interest in other potential emerging asset uses will be extremely explosive.”
Initially, Bybit will provide all of its available investment services and tools to Argentina and an APY of 22% for Dai stablecoin deposits to residents registered before July 11. Interestingly, Bybit has become a global sponsor of the Argentinean football team.
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