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OKEx has opened a Fiat gateway for Latin America using the Latamex platform

OKEx has opened a Fiat gateway for Latin America using the Latamex platform

The OKEx cryptocurrency exchange provided the opportunity to purchase BTC and ETH for Argentine and Mexican pesos, as well as Brazilian reals, via direct Bank transfer via the Latamex platform.

The management of OKEx reported that it was possible to enter the Latin American market in cooperation with the largest network for settlements with digital assets, the Settle Network. Payments will be made via the Latamex crypto-Fiat platform, which the Settle Network launched in December in conjunction with the Binance exchange, to simplify the purchase of cryptocurrencies for traders from Latin America.

OKEx CEO Jay Hao said that in the future, Latin American users will be able to purchase Fiat currencies and other digital assets.

Note that due to the unstable economy of Latin America, cryptocurrencies are becoming a “safe haven” for its residents. So, according to the Brazilian Institute of statistics and geography (IBGE), in 2019, the high level of inflation in Brazil and Argentina led to a record increase in the volume of bitcoin trading in these countries.

Previously, a well-known cryptocurrency enthusiast, Tim Draper, advised the President of Argentina to legalize bitcoin in order to improve the economic situation in the country. According to Draper, “legalized bitcoin” will completely change the country’s banking, commercial and financial systems for the better.

Recently, the head of OKEx said that the us financial stimulus measures will lead to an increase in the bitcoin exchange rate. He believes that American citizens are very likely to spend the received payments on the purchase of bitcoin to increase their savings.