Bybit, a Singapore-Based Crypto Exchange Expands to Argentina

On June 25, 2022,- Singapore-based cryptocurrency exchange, Bybit, declared the expansion of its operations to Argentina.

Bybit, a Singapore-Based Crypto Exchange Expands to Argentina

On June 25, 2022,- Singapore-based cryptocurrency exchange, Bybit, declared the expansion of its operations to Argentina. The exchange wants to deliver to the Argentinian population, one more platform to transact, given the fame that the cryptocurrency industry is relishing in the country. The exchange will also have a devoted team to aid the Argentinian operations that would attend to applicable requirements and support its imminent Argentinian customers, enabling them to purchase, transact, and sell cryptocurrencies on the Bybit’s platform. Correspondingly, the platform will be accessible in Spanish, the native language of the nation.

Bybit considers it is the correct time to expand its operations to Argentina, given that there is the prospect of onboarding users who are still new to the cryptocurrency movement. In recent years, Argentinians have been getting nearer to the concept of crypto, with this phenomenon starting after the government recognized limits to the number of dollars citizens could exchange, thus establishing a foreign currency exchange control, comparable to the one established by the Venezuelan government initially. Moreover, inflation numbers have also impacted the interest in this novel, alternative financial system.

According to the director of Bybit operations for Argentina, Gonzalo Lema, the macroeconomic conditions have become an influence in augmenting the adoption of cryptocurrencies in Argentina as the customer base grows, curiosity about other possible uses of these assets would surge, such as the potential of receiving remittances or even paying for goods and services using them. The company would offer all of its available investment instruments and services in Argentina along with an APY of 22% on Dai deposits, to the Argentinians registering before July 11, 2022.