Global crypto exchange firm, OKEx alongside global fiat-crypto solution provider firm, Settle network has partnered to create a new product for the Malta-based crypto exchange firm.
OKEx Settle partnership has brought about juicy propositions to the Latin American crypto market activating fiat gateways for three local currencies in the region. This no doubt is to embrace the crypto market in the region and make crypto services easily accessible for locals in the region.
Thanks to OKEx Settle partnership now, OKEx users now can buy Bitcoin, and Ethereum using Argentina’s fiat currency Peso, Brazilian fiat currency BRL and Mexican fiat, Peso directly through a bank transfer.
How OKEx Settle partnership enables crypto-fiat gateway
Okex Settle partnership has enabled this feature for OKEx users thanks to the Settle Network digital settlement network in Latin America; the crypto solution firm claims to be the largest.
Settle through Latmex; their proprietary products can activate the fiat gateway in the region. Latmex primarily is designed to unlock crypto purchases with local Latin American currencies.
OKEx CEO Jay Hao said according to a press release that the partnership would enable the exchange firm to work with LATAM market in a compliant way. He explains further that OKEX would keep adding more crypto instead of only BTC and ETH, which fiat currencies could purchase. This, he explains, would allow more users to buy crypto more conveniently.
OKEx, not first exchange to launch fiat gateway
Before the Malta-based exchange activating this feature, Binance exchange, arguably the largest crypto exchange in the world, partnered Settle to launch a similar feature in 2019. Binance then enabled purchase for BTC, ETH alongside Binance native token BNB and proprietary stablecoin, BUSD. The gateway was made available initially only for Argentina peso and Brazil BRL.
Pablo Orlando, Settle Network CEO, said the continent has shown the need for blockchain and crypto adoption. He said partnering with Binance has allowed further open fiat gateways for Latin American users and bring larger adoption forward to provide financial freedom in the region.