The Argentine branch of the crypto exchange Huobi has announced an investment of $ 100 million for a new data center. With the Expansion of the crypto-exchange to Argentina, the company established itself in a strategically important location. The third largest economy in Latin America is in a severe recession – which promotes the demand for crypto-currencies.
Moritz wire
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The Bitcoin exchange, Huobi is building a 100-million-U.S. Dollar data center in Argentina. As a result, the Exchange aims to strengthen its Position in the Latin American market. The Huobi Group is one of the largest crypto-currency trading platforms in the world. Your Argentine offshoot plans until the end of November the Expansion of a Fiat gateway for the currency trading. Thus, Argentine Pesos can be exchanged for crypto-currencies.
Carlos Banfi, CEO of Huobi, Argentina, said:
Argentina, South America is the most promising market for the development of Blockchain. There is a broad consensus about the dependence of the local currency and the banks to deviate is already in place, and with the market entry of Huobi, it is a great opportunity to move the needle on the Blockchain and crypto Adoption in Argentina. The step would be likely to contribute to the strengthening of the local atmosphere and global attract investment.
From a press release, stating that the founder and CEO of Huobi Group, Leon Li, already in March of this year with a Delegation of Argentine financial officer has taken. During these discussions it was about the future of the Blockchain technology for the economic development of the country. The distrust of the population towards the weakening of the national currency leads, meanwhile, to a growing demand for crypto-currencies and their trading venues.
Bitcoin: hope for Argentina?
Argentina is currently in a severe economic crisis. Therefore, the government has imposed recently, a stricter currency controls to stabilize the ailing national currency, the Peso. For the full year, 2019, the government expects an Inflation rate of around 23 percent. The International monetary Fund (IMF) has assured that is why Argentina financial assistance in the amount of 56 billion US dollars.
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Alberto Fernandez has achieved in the presidential elections in October, a victory over the incumbent Mauricio Macri. The new President is faced with major tasks. The third largest economy in Latin America for two years in a severe crisis. The Peso has lost since 2018, more than two-thirds of its value this year alone, three million Argentines have fallen into poverty. Therefore, crypto-currencies such as Bitcoin to become more involved in the economy and an alternative to the Peso will be needed.
David Chen, Senior Business Director at Huobi Cloud, said:
The increasing demand for crypto-related products and services, makes Argentina a perfect entry point for Huobi to keep track of larger projects for the promotion of crypto-currency and Blockchain on the market. With the introduction of Huobi Argentina, we can offer local users the opportunity to trade with the proven safety, liquidity and stability of Huobi.
According to the company, the customer of Huobi Argentina with higher liquidity, lower trading fees and more trading pairs as many of the existing local stock exchanges. With the Argentine Peso Gateway, users can also receive crypto-currencies by credit card and wire Transfer.
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