OKEx, one of the prominent crypto derivatives exchange, has partnered with Settle Network LATAM ((Latin America) to offer fiat onboarding for Latin Americans with support for three local currencies. The crypto exchange made their partnership public on July 3rd, informing locals that they can purchase Bitcoin and Ethereum on their platform using Argentine peso (ARS), the Brazilian real (BRL), and the Mexican peso (MXN).
LATAM digital settlement network is supposedly the largest digital settlement network in Latin America. The firm’s Latamex platform has been specially developed to allow people to make crypto purchases using local fiat currencies. Jay Hao, CEO of OKEx commented on their recent partnership and said,
“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.”
Fiat Gateways Have Become Common To Drive Adoption
Fiat gateways or fiat onboarding has become quite a trend for crypto exchanges to help them expand their reach and subsequently help in broader crypto adoption. Earlier traders had to depend on utility tokens or stablecoins to buy cryptocurrencies, which at the time looked convenient but looked quite complicated for a new entrant. However, with direct bank transfers and fiat gateways, even a newbie can invest in bitcoin or any other cryptocurrency.
OKEx is not the first crypto exchange to partner with the Latin American payment processing giants. Binance was the first exchange for making use of Settle network’s LATAM product for fiat onboarding of locals during the last quarter of 2019. The largest crypto exchange by trading volume has been expanding rapidly, availing new derivative products and services. Among these, the fiat-gateway for several countries was the talk of the town.