OKEx, a major global crypto-currency exchange, is embracing the Latin American crypto-currency market by launching a trust gateway for three local currencies.
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According to a July 3 announcement, OKEx users can now purchase Bitcoin (BTC) and Ether (ETH) in exchange for, Argentine pesos (ARS), Brazilian reals (BRL), and Mexican pesos (MXN) via direct bank transfer.
OKEx implements Settle Network’s Latamex tool
OKEx’s partnership with a company called Settle Network allowed it to enable these features. Settle Network is claimed to be the largest digital settlement network in Latin America. The new service is provided through, Latamex, Settle Network’s patented product. Latamex is designed to allow the purchase of cryptomoney using local currencies in Latin America.
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Jay Hao, CEO of OKEx, noted that this partnership will allow OKEx to work diligently with the Latin American market (LATAM). The executive promised that Crypto Cash will continue to add more crypto-currencies „to allow more users to purchase crypto-currencies in a more convenient way.
Cointelegraph contacted OKEx with additional questions about the development. This article will be updated as new comments come in.
Binance implemented a similar feature in late 2019
OKEx is not the first major exchange to implement Latamex. Binance, the world’s largest crypto-currency exchange, has partnered with Settle Network to provide a similar feature by the end of 2019. As reported, Binance’s Latin American offering included BTC, ETH, as well as Binance’s native BNB token and proprietary stablecoin, BUSD. The gateway was initially available to ARS and BRL.