OKEx, an important global cryptocurrency exchange, is opening up the Latin American cryptocurrency market with the introduction of a fiat gateway for three local currencies.
According to an announcement made on July 3rd OKEx users can now buy Bitcoin (BTC) and Ether (ETH) in exchange for Argentine Pesos (ARS), Brazilian Reals (BRL) and Mexican Pesos (MXN) via bank transfer.
OKEx implements the Settle Network Latamex tool
By connecting OKEx to a company called Settle Network, he was able to activate these features. Settle Network is considered the largest digital settlement network in Latin America. The new service will be provided through Latamex, Settle Network’s patented product. Latamex was developed to enable the purchase of cryptocurrencies in local currencies in Latin America.
Jay Hao, CEO of OKEx, stressed that this association would allow OKEx to work diligently with the Latin American Market (LATAM).. The executive promised that OKEx would add more cryptocurrencies “So that more users can buy cryptocurrencies more conveniently.”
Cointelegraph contacted OKEx to ask further questions about the development. This article will be updated as new comments arrive.
Binance implemented a similar function in late 2019
OKEx is not the first major exchange to implement Latamex. Binance, the world’s largest cryptocurrency exchange, partnered with Settle Network in late 2019 to provide a similar function. As reported, Binance’s Latin American offering included BTC, ETH, and Binance’s native BNB token, and it had stablecoin, BUSD. The gateway was originally available for ARS and BRL.