OKEx To Enter Latin American Market With Settle Network Partnership

Prominent cryptocurrency exchange, OKEx is all set to venture into the Latin American market following a new partnership with Settle Network. Citizens of Argentina, Mexico as well as Brazil will be able to purchase prominent crypto assets via bank transfers.

OKEx To Utilize Binance Subsidiary Latamex

Cryptocurrencies have garnered immense traction over the years. The Latin American region has been one of the major drivers of crypto adoption. While different crypto platforms have been venturing into the region, prominent cryptocurrency exchange, OKEx is the latest one on the list.

Earlier today, Malta-based cryptocurrency exchange, OKEx published a blog post revealing a partnership with Settle Network. The Settle Network is touted as a prominent crypto settlement network throughout the Latin American region. The platform carries out cross-border payments by leveraging the financial infrastructures of the countries in Latin America.

As per the blog post, through the latest partnership, OKEx is said to make use of the Binance subsidiary Latamex via Settle Network. This would further allow the users of OKEx to utilize their Argentine Peso (ARS), Brazilian Real (BRL), 0r Mexican Peso (MXN) to purchase prominent cryptocurrencies like Bitcoin [BTC] as well as Ethereum [ETH].

Commenting on the latest partnership, the CEO of OKEx, Jay Hao suggested that the exchange would look into onboarding several other fiat currencies in the near future. Hao added,

“The cooperation with Settle Network is of strategic significance to OKEx. Latin American users can now purchase BTC and ETH with multiple local currencies in a compliant way through bank transfers.”

COVID-19 came as a big blow to the entire world. With economies crashing and unemployment surging, people have been confronted with multiple setbacks. Argentina had been the victim of the currency crisis even before the pandemic. A Redditor from Argentina recently revealed that the smallest unit of the country’s currency, the Centavo had attained the value of 1 Satoshi, which is the smallest unit of Bitcoin.

Furthermore, Argentina’s volume on LocalBitcoins was seen hitting multiple highs. At the time of writing, the weekly volume stood at 59,044,291. This further reveals that OKEx made the right move as cryptocurrencies have always been considered an escape from the clutches of the centralized financial system. Hao further suggested,

“One of the important goals of OKEx is to enable everyone to enjoy intermediary-free financial services by promoting the blockchain-driven economy. For that, it’s essential to lower the threshold for the exchange between cryptocurrencies and fiat currencies in order to cover users in more countries and regions.”