OKEx announced the move in a press release published on Friday, July 3. According to OKEx, users can now buy Bitcoin [BTC] and Ether [ETH] with Argentine peso (ARS), Brazilian Real (BRL), and Mexican peso (MXN) using a direct bank transfer. The process will be powered by Settle Network’s Latamex, the tool to buy cryptocurrencies in Latin America with local currencies.
The newly fiat gateway aims to serve the underbanked peoples of Latin American countries. An estimate says that currently, about 2 billion adults worldwide do not have bank accounts, and Latin Americans make up a large portion of them.
The ongoing pandemic has reflected on the problems in the existing financial system. To remove frictions from financial services, intermediary-free nature, and the privacy of cryptocurrencies have begun to play an increasingly important role.
“For most people, the first step to enjoying blockchain-driven financial services is to convert local currencies to cryptocurrencies. As of now, OKEx has supported a vast number of fiat currencies worldwide. Thanks to the partnership with Settle Network, through its wide array of products — such as Latamex, Settle X, PSP Xramp, etc. — OKEx users will enjoy a much-improved experience in crypto-to-fiat trading and payment processing through bank transfers.”
Settle Network is the largest digital assets settlement network that leverages the liquidity of digital assets and local currencies to allow for cross border payments seamlessly. The company’s product suits include the largest crypto-to-fiat gateway in Latin America called Latamex, payment solutions for business Settle X, XRamp.
Crypto exchange Binance is using Settle Network’s XRamp to offer fiat giveaways for LATAM countries. Stellar network is also a strategic partner of this company.
OKEx is making new partners in every field of the crypto industry to increase its global footprint. As reported, the exchange struck a partnership with leading peer-to-peer bitcoin marketplace Paxful to provide its users access to more payment methods and trading tools.
Jay Hao, CEO of OKEx, about the latest partnership, commented:
“One of the important goals of OKEx is to enable everyone to enjoy intermediary-free financial services by promoting the blockchain-driven economy. For that, it’s essential to lower the threshold for the exchange between cryptocurrencies and fiat currencies in order to cover users in more countries and regions. The cooperation with Settle Network is of strategic significance to OKEx. Latin American users can now purchase BTC and ETH with multiple local currencies in a compliant way through bank transfers. In the future, OKEx will continue to expand the coverage of fiat currencies to allow more users to purchase cryptocurrencies more conveniently.”
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