Despite the difficulties that most of the exchanges are suffering now, some are still trying to expand. Bybit, a Singapore-based cryptocurrency exchange, has announced it will be expanding its operations to Argentina.
Singapore-based Bybit, one of the fastest growing cryptocurrency derivatives exchanges, has announced that it will be expanding its trading operations to Argentina and will provide customers support directly. Bybit informed CriptoNoticias on June 22 that this initiative will allow Argentinians’ to trade and buy cryptocurrencies through their platform in their native language. They will also have a specialised support team that will be dedicated exclusively to the country. The exchange is already established in 117 other countries around the world.
💡 By the way this is not a first Argentinian project for Bybit: in 2021 Bybit became the new global main sponsor of the Argentina national football teams, including the men’s international football side captained by Lionel Messi.
The exchange declared:
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 Argentinian market in the Latin American region.
ByBit is betting that interest in crypto will increase due to national and international market conditions. Gonzalo Lema, Operations director of Bybit, stated:
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.
This step makes sense in the current situation as trading volumes are falling and exchanges simply have no money. Bybit has also faced its own troubles and recently joined a long list of companies that have laid off some of their employees. “Starting from this week, some of the functions and roles will be reviewed to ensure we stay focused and agile,” the company said in a statement.
Argentina is a huge market where crypto has stayed popular, so this expansion could probably make up for other losses. The country is tenth in the crypto adoption index published by Chainalysis. According to estimates between 3% and 8% of the total population has cryptocurrencies. Currently in the market there are several local exchanges as well as global leaders: Binance, Kraken etc.