The phenomenal rise in the price of Bitcoin and cryptocurrencies in late 2017 saw a lot of new cryptocurrencies, particularly ICOs flood the crypto space. The increase in the number of cryptocurrency projects was met with a proliferation in the number of crypto exchanges. As at the time of writing this article, there were over 200 crypto exchanges on CoinMarketCap.
OKCoin Offers Fiat-Crypto Purchase Option
In related news, cryptocurrency exchange OKCoin is expanding its business and reach to residents in Latin America.
The move indicates that both big and small-time traders, more appropriately, institutional and retail traders, on the exchange can now buy digital assets using the Argentine peso. Both Spot and Margin trading options are also available for the fiat currency.
We are expanding to Latin America! Traders can now deposit or withdraw the Argentine peso (ARS) in exchange for cryptocurrencies including #Bitcoin, #BitcoinCash, #Ethereum, #EthereumClassic, #Litecoin, #Ripple, #Cardano, #Stellar, #Zcash, #0x, and more.https://t.co/XxC9ds2SsJ
— OKCoin (@OKCoin) November 15, 2018
As at press time, the exchange sat at the 152nd position based on 24-hour trading volume on CoinMarketCap. It is expected that this fiat-crypto buying option will attract investors who have had difficulty in converting their pesos to cryptocurrencies previously.
The team in an official Medium post went further to say that their users should expect other Latin American fiat currencies in the coming months. The CEO at OKCoin USA, Tim Byun on speaking about the development stated that:
“OKCoin is committed to opening up new markets for digital currency consumers throughout the world, and we are very excited to extend our safe, secure and licensed trading platform to consumers in Argentina. [This] is just the beginning of our Latin American expansion, as we’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence.”
Similar to how several crypto projects now jostle for the attention and loyalty of investors, crypto exchanges are consistently at the top of their game trying to capture the loyalty of interested traders.
This could be in the form of improved security features, better transactional fees, less stringent onboarding and KYC processes, or pure ease and functionality of the exchange’s website.
Without a doubt, one of the features users constantly looks for is ease-of-use. This is arguably what made Coinbase popular among crypto enthusiasts. In the case of OKCoin, they may be hoping to open the market potential in a handful of struggling South American economies of which Venezuela is a prime example.