On 3 July, OKEx released an official statement about their newly-formed partnership with Settle Network, one of the leading fiat gateway providers in Latin America. OKEx will enable all users in the region to buy two of the most popular cryptocurrencies (ETH and BTC) through direct bank transfers, thus expanding the coverage of fiat currencies and promoting a more blockchain-driven financial economy.
The intermediary-free financial services will be provided by Latamex, a project of Settle Network that works with some of the most important digital asset exchanges, issuers, and wallets to seamlessly operate banking and payment rails in Latin America.
Both OKEx and Settle Network are heavily invested in interoperability between traditional and digital assets. With the former being a world-leading cryptocurrency spot and derivatives exchange and the latter the largest digital assets settlement network in LATAM, the partnership is set to change the way blockchain technology is perceived by people in remote regions.
“One of the important goals of OKEx is to enable everyone to enjoy intermediary-free financial services by promoting the blockchain-driven economy. For that, it is 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, the CEO of OKEx, in the official publication.
He also noted that such cooperation is of strategic significance to OKEx, and in the future, the organization will continue to expand the coverage of fiat currencies to allow more users to effortlessly purchase cryptocurrencies.
In the official statement, OKEx also considers the problems in the current financial system of Latin America, including the fact that a lot of people do not have bank accounts and access to common financial services. According to them, the integration of cryptocurrency will play a vital role in the future due to its intermediary-free nature.
The company aims to enable more people to convert local currencies to cryptocurrencies in order to increase interest in blockchain technology and promote the usage of seamless solutions by the general public. Purchasing cryptocurrencies with Argentine pesos (ARS), Brazilian real (BRL) and Mexican peso (MXN) is now available on the OKEx platform for any users willing to invest in digital assets.