Coinbase has received approval to launch its platform in Argentina after successfully registering as a Virtual Asset Service Provider (VASP) with Argentina’s National Securities Commission (CNV), according to a Jan. 28 announcement.
Fabio Plein, Coinbase’s Director for the Americas, highlighted that crypto “isn’t just an investment” For Argentinians, it is not a luxury but a necessity to regain control of their financial future.
Coinbase can now operate in the nation, which is described by the company as an a “promising market.”
According to a study commissioned by Coinbase 87% of Argentinians think that blockchain technology will enhance their financial independence. 76% also see cryptocurrency as a way to fight inflation and transaction costs.
Over 5 million Argentinians use cryptocurrency daily.
Coinbase has appointed Matías Alberti as the head of its operations in Argentina to navigate the new market. Alberti’s previous experience in Latin American companies such as Buenbit and Clara shows expertise in crypto and the region.
Plein remarked:
“Matías brings a wealth of experience and a deep understanding of the local market. We’re confident in his leadership as we work to bring crypto services to millions of Argentinians.”
Coinbase also supports financial literacy initiatives in Argentina. It plans to launch local education initiatives that will equip its users with all the information they need to make an informed decision about cryptocurrency.
Plein noted that Coinbase’s educational campaign will empower Argentinians to face the challenges and opportunities of crypto.
Market focused on stablecoin
Chainalysis’s “2024 Geography of Crypto Report” Argentina ranks as the 15th largest country when it comes to crypto adoption. It is also the 4th biggest in Latin America.
Argentina, despite not being the leader in crypto adoption, led by amount received of $91 billion. The amount is even larger than Brazil’s, which is the largest economy in Latin America and the country with the best crypto adoption index in the region.
This is a significant amount, as 61.8% are stablecoins. Argentina’s rate of stablecoin usage, at 61.8%, puts it way ahead of the average global level of 44.7%. This is due to the high inflation experienced by Argentinians. Stablecoin transactions below $10,000 increased faster in Argentina than other assets.
Argentina has also made fundamental steps in relation to blockchain technology. Through a partnership between the ETH Kipu and the Buenos Aires High School, Ethereum will be part of the curriculum by August 2024.
The Argentinian capital also launched a program using Ethereum’s layer-2 blockchain, ZKsync, to register 3.6 million residents digitally. The residents’ IDs will be available on their mobile phones.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
