The OKGroup which owns OKEx Crypto Exchange has made an entry into the Latin American markets with a Fiat-to-crypto Exchange. The company aims to provide Crypto related services to more than 110 countries in Latin American countries. OKGroup opened up its services through a newly formed OKCoin Exchange which offers Fiat-to crypto services. You can buy cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple, Litecoin, Zcash, 0x, and many more will be added soon, in exchange of your national currency approved by the government.
OKCoin has already started its service in Argentina, where people can buy the cryptocurrencies for Argentine Peso(ARS). The OKGroup plans to open up an office in Buenos Aires, along with a support team to expand the business throughout Latin America.
Mr. Pablo Magro, OKCoin’s Latin American representative, said,
“We chose to expand to Latin America because of the high demand from traders looking to get in on the fast-growing cryptocurrency markets. Latin American traders tend to be very savvy when it comes to the crypto markets, and they want to have a lot of options aside from Bitcoin and Ethereum, which is exactly what we can bring them;` Moreover, the fact that fiat currencies tend to be more volatile in this region brings a tremendous opportunity for adoption across the region,”
As mentioned by the representative, the Fiat currencies in the Latin American region seems to be more volatile. The probable reason for starting with Argentine Peso could be the same, as the Argentine Peso has been unstable against the USD for quite some time.
Another major factor which contributed towards selecting Argentina as its inception point is its advancement in the field of cryptocurrencies. There were other Latin American Exchanges, but none of them stand a chance against the OKCoin.
Talking about the difficulties that OKGroup might encounter, Mr. Magro says, almost 50% of the Latin American population does not have access to any centralized banking system. So, to make this venture a successful one, OKGroup needs to create enough tools and services to attract the customers.