Huobi Partners With Astropay to Facilitate Fiat Payments in Latam
Astropay, a payment processing platform,
to allow customers in Latam to purchase crypto using fiat currencies in
selected countries.
Customers will have to use Astropay’s
wallet in order to purchase the assets, having the opportunity to do so in
countries like Brazil, Mexico, Colombia, Chile, Peru, and Uruguay. The company
informed that various payment methods would be supported, including credit and
debit cards, and bank transfers. Region-specific options like Pix in Brazil,
and SPEI in Mexico, will also be supported.
The company is aiming to offer a better
experience for the growing number of customers based in the area. On this, Lily
Zhang, chief financial officer of Huobi Global, stated:
Latin America lays claim to a young and
vibrant population brimming with enthusiasm for the crypto industry, and we
have observed a significant increase in the number of new Huobi Global users
from this region.
Furthermore, Zhang explained that the
goal of the company’s move is to make “the purchase and trading of digital
assets a secure, convenient, and enjoyable experience for everyone.”
Jumping Through Hoops
This initiative puts Huobi in competition
with local exchanges and P2P (peer-to-peer) offers in the region, that have an
edge in acquiring users due to their acceptance of local payment options. In
countries like Venezuela, access to international or dollar-based debit cards
is difficult, powering the reach of markets like Binance P2P, which allows
Venezuelans to acquire crypto with their fiat currency. Argentina also has had
exchange controls that might affect the availability of foreign currency.
However, even with these problems, some
Latam nations are in the top 20 list of the countries with the highest
cryptocurrency adoption, according to a recent report issued by Chainalysis.
Brazil is listed at number seven, and countries like Argentina are also
present.
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