Key facts:
Bybit chose Argentina because it is one of the main countries in the world in terms of cryptocurrency adoption.
This was stated by the company, announcing the arrival in the country of its exchange and P2P platform.
The Bybit exchange communicated first-hand to CriptoNoticias that it is expanding to Argentina. The initiative allows Argentines to trade and buy and sell cryptocurrencies, such as bitcoin (BTC), through its platform in the local language. They will also have a specialized team dedicated exclusively to the country.
“Taking into account the level of penetration and the rapid growth in the adoption of cryptocurrencies in Argentina, Bybit has made this decision, which is due to the importance of the Argentine market in the Latin American region,” they said from the company.
Affirm that Argentina is among the top countries in the world in crypto adoption, as well as within the top 10 of the world ranking recorded by Chainalysis. He estimates that between 3% and 8% of the total population owns cryptocurrencies, which represents millions of people.
They calculate that 3 out of 4 Argentines use cryptocurrencies, such as bitcoin, in the case of a savings or investment instrument, according to a poll recent Opinaia and Grupo Muchnik. Likewise, they project that with its greater adoption the interest in other uses will increase.
With this scenario, Bybit ensures that it is the right time to develop its presence in Argentina. It currently has 6 million users globally with its base of operations in Singapore.
Bybit expects interest in different uses of cryptocurrencies to rise
From the company they warn that the current macroeconomic conditions allow to increase the adoption of cryptocurrencies in Argentina. Therefore, they hope to increase their customer base with their expansion to the country and anticipate that their uses will expand over time.
Although macroeconomic conditions have become a factor in increasing the adoption of cryptocurrencies in Argentina, as the customer base grows, interest in other potential uses of these assets will increase, such as the possibility of receiving remittances or even paying for goods. and services with them.
Gonzalo Lema, director of Bybit operations for Argentina.
Among the services provided by the company in Argentina are trading of cryptocurrencies, financial products such as fixed terms and a P2P platform (peer to peer). Also, as part of its expansion, it offers an annual return of 22% on deposits in the DAI stablecoin to Argentines who register before July 11.