Digital asset firm Huobi Global in partnership with Latamex is launching crypto-fiat services for consumers in Latin American countries.
Latamex is a gateway that supports cryptocurrency to fiat currency trading designed by Settle Network.
Consumers and businesses in Argentina, Brazil, and Mexico will henceforth be able to purchase bitcoin (BTC), ethereum (ETH), litecoin (LTC) and EOS through Huobi’s swift buy/sell service using their local currencies.
Cryptocurrency and Blockchain adoption is on the rise in Latin America and Huobi is looking to seize this opportunity to extend its operations into the region.
Huobi’s director of global strategyJeff Mei said “More than 600 million people live in Latin America, and many of them are already familiar with the world of blockchains and cryptocurrencies. “Therefore, expanding our presence in this region is a natural progression as we expand our services to meet the needs of people in around the world,”
“Our goal is to bridge the gap between fiat and cryptocurrencies for traders across the region to create the fastest and most efficient fiat-to-crypto trading experience possible.” He added.
Mastercard’s New Payment Index shows that 37% ( 4/10) of people living in the Caribbean and Latin America are considering using cryptocurrencies within the next year.
Latamex will offer the necessary local regulatory compliance processes like customer identification, transaction monitoring and tracking capabilities necessary to run the service.
For the first few months, Huobi will charge zero fees on crypto-fiat transactions.