Huobi to support Crypto-Fiat in Latin America
Finally, some good news for the users of crypto in Latin America. Earlier yesterday a partnership between Huobi Global and Settle Network’s Latamex was announced. This partnership will definitely be beneficial for the users in Brazil, Argentina and Mexico to be able to buy crypto with fiat.
It seems like is that Huobi Global, the popular cryptocurrency exchange has gained an upper hand and is taking advantage of its competitors’ setbacks to break into the new markets.
This partnership with Settle Network’s Latamex, which is an on and off-ramp fiat-to-crypto payment gateway has a goal of enabling the purchases and the sales of cryptocurrencies with fiat money in Argentina, Brazil, and Mexico.
The exchange also announced that it will allow the customers to buy cryptocurrencies with zero fees as long as they use fiat money during the first month of this service.
Huobi’s Director of Global Strategy, Jeff Mei stated that because of this partnership, “the exchange enters a market of 600 million potential customers.”
According to reports, Jeff Mei stated, “Latin American market holds more than 600 million people and we feel the need to reach them. Settle will be a key partner for us in this process of market penetration. Our objective is to bridge this gap between fiat and crypto for traders throughout all the region in a fast and efficient way”.
Latamex is guaranteeing that it is going to comply with all KYC and AML requirements in each of the countries in which it is going to operate. Thus, making it a standard rule that, both the exchange and its users can be assured that they have the proper protection from regulatory bodies.
The CEO of Settle Network, Pablo Orlando, also stated, “We provide financial infrastructure in a reliable, frictionless and compliant way to operate digital assets with domestic fiat money, helping their Latin American users with simple access to cryptocurrencies through our product Latamex.” Assuring that this partnership will be helpful for the new users who need easy ways to get into crypto.
The profitable market of Latin America is only hopefully going to act as a boon to this partnership, providing more challenges to its competitors, which one can hope to see in the future.