Huobi Group, the parent company of the Huobi cryptocurrency exchange, has announced the launch of a crypto exchange in Argentina. It aims to establish a fiat gateway to trade/convert the Argentine peso to cryptocurrency.

With this, the customers can buy cryptocurrencies via credit cards, wire transfers and Argentine pesos deposits. The exchange will offer the users to acquire its digital assets through Mercadopago, one of the most widely supported digital payment providers. The firm will launch the exchange around mid-October. Meanwhile, users can buy cryptos with the local fiat currency via Huobi’s over-the-counter service.

According to Carlos Banfir, CEO of Huobi Argentina, the country is a prime sport for these ventures due to the volatility of Argentina’s national currency. The Argentine peso lost half of its value this year. Also, there is a lot of distrust among people for traditional banks. Inflation has sharply struck the country. Moreover, the nation has a long history of economic crisis and dependence on IMF loans. He thus added the entrance of Huobi crypto exchange in Argentina will be a great opportunity to move the needle on blockchain and crypto adoption in the country.

Last month, Huobi added wallet support for MakerDAO tokens and decentralized apps (DApps), the source says.