Coinbase has recently 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). This exciting news was announced on January 28, marking a significant milestone for the popular cryptocurrency exchange.
Fabio Plein, Coinbase’s Director for the Americas, emphasized the importance of crypto in Argentina, stating that it is not just an investment but a necessity for regaining control over financial futures. With this approval, Coinbase is now able to operate in Argentina, which the company sees as a promising market for cryptocurrency adoption.
Research commissioned by Coinbase revealed that a large percentage of Argentinians view blockchain technology as a means to enhance financial independence, with many seeing crypto as a solution to combat inflation and high transaction costs. In fact, over 5 million Argentinians already use crypto daily, showcasing the growing interest and demand for digital assets in the country.
To lead its operations in Argentina, Coinbase has appointed Matías Alberti, who brings a wealth of experience and expertise in the crypto market and the region. Plein expressed confidence in Alberti’s leadership, stating that he will help bring crypto services to millions of Argentinians.
In addition to expanding its operations in Argentina, Coinbase is also committed to promoting financial literacy in the country. The company plans to roll out local educational initiatives to provide users with the knowledge needed to make informed decisions about crypto. This educational push aims to equip Argentinians with the confidence to navigate opportunities and challenges in the crypto market.
Argentina has emerged as a stablecoin-focused market, with Chainalysis ranking the country as the 15th-largest in terms of crypto adoption and the fourth-largest in Latin America. The country has seen a significant amount of crypto money received, surpassing $91 billion, with a majority of these transactions denominated in stablecoins. This trend is attributed to the hyperinflation experienced by Argentinians, making stablecoins a popular choice for transactions.
In addition to its growing crypto adoption, Argentina is also making strides in blockchain technology. Ethereum has been integrated into the high school curriculum in Buenos Aires, and the city has launched a program using Ethereum’s layer-2 blockchain, ZKsync, to digitally register 3.6 million residents. These initiatives highlight Argentina’s commitment to embracing blockchain technology and digital innovation.
Overall, Coinbase’s approval to launch in Argentina signals a significant step towards mainstream crypto adoption in the country. With a strong focus on education and market growth, Coinbase is poised to play a key role in shaping the future of cryptocurrency in Argentina.