Crypto Exchange Buda Expands To Argentina

Announcements, News | May 31, 2018 By:

Chile-based cryptocurrency exchange Buda has expanded its services to the Argentine market.

Currently operating in Peru, Colombia, Chile and now Argentina, Buda claims to have more than 80,000 clients. The exchange said Argentina has the potential to become its most important market in the course of a year. Initially, the exchange will support three cryptocurrencies, including bitcoin, Bitcoin Cash and ether.

Buda CEO Pablo Chávez said that Argentina has other factors going for it, besides the current economic conditions that are favorable for cryptocurrencies.

“Argentina has been much more in the vanguard of technology and the digital world than other countries in Latin America,” Chávez said. “And in a country where inflation is extremely high, the value of other alternative currencies is greater. In the same way that you can hedge with gold at times of volatility, you can do the same with cryptocurrencies.”

Regarding Buda’s venture into the Argentine market, Chávez believes that the exchange “should become one of the largest in the Latin American continent,” adding that he expects its transaction volumes to reach “close to USD $20 million per month by the end of 2018.”

“People are realizing, for example, how easy it is to transfer money online, using…cryptocurrencies,” Chavez said. “One of the main differences we see with the rest of the region, is that in Argentina there is a community around cryptocurrencies, which have been working for years with a process of education and closeness to banking entities. This will allow us to penetrate the market more quickly, using our regional structure.”

Last month, Chile’s anti-monopoly court ordered two major Chilean banks to restore account services to Buda after the exchange filed legal action to one of the country’s appeals court following the unexpected closure of its bank accounts.