Huobi Argentina is set to invest $100 million to help create a facility dedicated to blockchain technology in the country.
Huobi is one of the largest cryptocurrency trading platforms globally and has previously expressed interest in establishing a local team in Argentina.
In particular, the company wants to develop a fiat gateway to trade or convert the Argentine peso to crypto. Huobi revealed on Wednesday that transactions using the peso would be possible by the end of November, according to Reuters.
Coin Rivet reported last month that Huobi Argentina originally planned to have the fiat-to-crypto channel up and running by the end of October.
Huobi Argentina’s data centre will be the largest of its kind in the country, the company claims.
The Argentine economy has been turbulent over the course of 2019, with the government recently enforcing more stringent currency controls to support the failing peso.
The harsh capital controls arrived shortly after President-elect Alberto Fernandez’s victory over Mauricio Macri in the October presidential election.
Previously, citizens were able to purchase up to $10,000 US dollars per month. However, this figure has been drastically slashed to a mere $200.
The growing interest in cryptocurrency in the country could be a byproduct of the fragile economy.
Huobi is not the only crypto-focused company that is aiming to expand in the Argentine market – Binance CEO Changpeng Zhao hinted that the exchange may also launch a crypto-to-fiat platform in the South American country.
Interested in reading more Huobi Argentina-related stories? Discover more about the Argentine branch’s plans to launch its crypto-to-fiat gateway locally.