Singapore-Based Cryptocurrency Exchange Bybit Expands to Argentina

Bybit, a cryptocurrency exchange based in Singapore, has announced that it will expand its operations to Argentina. The exchange wants to offer Argentine citizens another platform to transact given the popularity enjoyed by the cryptocurrency industry in the country. The exchange will also have a dedicated team to support Argentine operations.

Bybit lands in Argentina

The growth of the cryptocurrency industry in Argentina has not gone unnoticed by international companies. Bybit, a top ten Singapore-based cryptocurrency exchange by traded volume, has announced that it will expand its business operations to directly support Argentinian customers.

To better achieve this goal, the company will dedicate a team to comply with the applicable requirements and support its upcoming Argentine customers, allowing them to transact, buy and sell cryptocurrencies on the Bybit platform. In addition, the platform will be available in Spanish, the native language of the country.

Regarding this development, the exchange stated:

Taking into account the level of penetration and the rapid growth of cryptocurrency adoption in Argentina, Bybit made this decision, which is due to the importance of the Argentine market in the Latin American region.

For all these reasons, Bybit considers that the time is right to expand its operations to the country, given that there is an opportunity to integrate users who are still new to the cryptocurrency movement.

Argentine crypto resource

In recent years, Argentines have increasingly approached cryptocurrencies, with this phenomenon beginning after the government established limits for the number of dollars that citizens could exchange, establishing foreign currency exchange controls, similar to the one established by the Venezuelan government. before that . Inflation figures also influenced the interest in this new alternative financial system.

The exchange is betting that this new interest in cryptocurrencies, due to domestic and international market conditions, will drive demand from Argentine users in the near future for new applications. In this regard, Gonzalo Lema, director of Bybit operations for Argentina, said:

However, the macroeconomic conditions have become a factor to increase the adoption of cryptocurrencies in Argentina, as the customer base grows, it will increase or become interested in other potentially undesirable uses, such as the possibility of receiving remittances or even paying benefits and services. with them.

The company will offer all its investment services and instruments available in Argentina, and 22% APY in Dai deposits, to Argentines who register before July 11.