One of the leading global cryptocurrency exchanges, OKEx, is venturing into the Latin American crypto market by launching a fiat gateway for three local currencies. According to the announcement, OKEx users can now buy Bitcoin and Ether in exchange for the fiat currency Argentine peso, the Brazilian real, and the Mexican peso via a direct bank transfer on the crypto exchange. The crypto exchange is using Settle Network’s to enable this feature for its users.
“OKEx will continue to add more cryptocurrencies.”
OKEx’s partnership with the Settle Network allowed the crypto exchange to enable these features. Settle Network is claimed to be the largest digital settlement network in Latin America. The new service is provided through Latamex, which is Settle Network’s proprietary product. Latamex is designed to unlock crypto purchases using local fiat currencies in Latin American countries. The CEO of OKEx, Jay Hao, noted that the cooperation would allow OKEx to work with the LATAM market in a compliant way. The CEO further said that the crypto exchange would continue to add more cryptocurrencies to allow more users to purchase cryptocurrencies more conveniently.
Crypto continues to get mainstream exposure.
Several reports across countries noted that there has been a noticeable surge in crypto trading amid the shutdowns due to the ongoing global pandemic. Bitcoin and other cryptocurrencies continue to get mainstream exposure as the adoption continues to grow. Earlier, it was reported that people’s interest in bitcoin was most in African and American countries. The monetary crisis in many countries has provided for a solid case why people should trust decentralized cryptocurrency like bitcoin rather centralized fiat currency issued by central banks. Citizens in Lebanon continue to face hyperinflation as local fiat currency is now worth a single satoshi.