Chinese Exchange OKEx Opens Up Latin American to Cryptocurrency with Fiat Gateway — Partners With Settle Network

okex, settle, fiat, gateway, argentina, brazil, peso, real, banks

World-leading cryptocurrency spot and derivatives exchange OKEx has cut a deal with fiat-crypto solution provider Settle Network to utilise Latamex (a subsidiary of Binance) to buy Bitcoin (BTC) and Ethereum (ETH) on the exchange with Argentine Peso (ARS), Brazilian Real (BRL), and Mexican Peso (MXN) using bank transfer directly.

Settle Network is the largest digital assets settlement network across Latin America for exchange and cross-border payments, providing programmatic interoperability between traditional and digital assets by leveraging financial infrastructures of LATMA countries.

“One of the important goals of OKEx is to enable everyone to enjoy intermediary-free financial services by promoting a blockchain-driven economy. For that, it’s essential to lower the threshold for the exchange between cryptocurrencies and fiat currencies in order to cover users in more countries and regions,” said Jay Hao, CEO of OKEx.

“The cooperation with Settle Network is of strategic significance to OKEx. Latin American users can now purchase BTC and ETH with multiple local currencies in a compliant way through bank transfers. In the future, OKEx will continue to expand the coverage of fiat currencies to allow more users to purchase cryptocurrencies more conveniently.”

Since the world economy has suffered from setbacks for some time, people have begun to reflect on the problems in the existing financial system, among which the world’s bankless has become an unavoidable topic.

Currently, about two billion adults worldwide do not have bank accounts and Latin America occupies a large proportion. Be that as it may, thanks to its intermediary-free nature, cryptocurrency has begun to play an increasingly important role in the field of financial services.

For most people, the first step to enjoying blockchain-driven financial services is to convert local currencies to cryptocurrencies. As of now, OKEx has supported a vast majority of fiat currencies worldwide. Thanks to the partnership with Settle Network, through its wide array of products such as Latamex, Settle X, and PSP Xramp, etc, OKEx users will enjoy a much-improved experience in crypto-to-fiat trading and payment process through bank transfer.

A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.

Settle Network is the largest digital assets settlement network across LATAM (Latin America) for exchange and cross-border payments. Settle Network provides programmatic interoperability between traditional and digital assets, by leveraging financial infrastructure in every country they operate. Covering the most relevant markets, including the largest banks and thousands of cash retail locations. This enables unlimited and compliant interoperability between digital assets and the most important local currencies. Settle Network has an array of products such as Latamex (largest crypto-to-fiat gateway in Latin America), Settle X (payment solutions for business, including stablecoin issuance solutions), PSP Xramp (payment processing solutions), between others.