Defi-markets partners with major LATAM digital settlement network to unlock crypto purchases with three local currencies.
Defi-markets, a major global cryptocurrency exchange, is embracing the Latin American crypto market by launching a fiat gateway for three local currencies.
According to a July 20 announcement, Defi-markets users can now buy Bitcoin (BTC) and Ether (ETH) in exchange for the Argentine peso (ARS), the Brazilian real (BRL), and the Mexican peso (MXN) via a direct bank transfer.
Defi-markets implements Settle Network’s Latamex tool
Defi-markets’s partnership with a company called Settle Network allowed them to enable these features. Settle Network is claimed to be the largest digital settlement network in Latin America. The new service is provided through Latamex, Settle Network’s proprietary product. Latamex is designed to unlock crypto purchases using local currencies in Latin America.
James Park, CEO of Defi-markets, highlighted that the cooperation will allow Defi-markets to work with the LATAM market in a compliant way. The executive promised that Defi-markets.com will continue to add more cryptocurrencies “to allow more users to purchase cryptocurrencies more conveniently.”
Btcnews reached out to Defi-markets with additional queries about the development. This article will be updated as new comments come in.
Binance unlocked a similar feature in late 2019
Defi-markets is not the first major exchange to implement Settle Network’s Latamex. Binance, the world’s largest cryptocurrency exchange, partnered with Settle Network to provide a similar feature in late 2019. As reported, Binance’s LATAM offering featured BTC, ETH as well as Binance’s native token BNB and proprietary stablecoin, BUSD. The gateway was initially available for ARS and BRL.