Recently, Argentina-based cryptocurrency trading and exchange platforms have added several new stablecoins. The firm cited the reason for the popularity of digital assets in the region behind the addition of four stablecoins.
Stablecoins are those digital assets that pegged their value to fiat currencies like the US dollar, European Euro, etc. However, most crypto assets are backed by US dollars, and the stablecoins that are added on Buenbit include Tether (USDT), Circle USD (USDC), TerraUSD (UST) and Binance USD (BUSD). With the addition of these stablecoins on the platform, the platform now consists of 12 digital currencies in its portfolio.
Buenbit was founded in 2018 and headquartered in the capital of Argentina, Buenos Aires. It was among the first local exchanges that offered the option of having stablecoins to citizens of Argentina in order to avoid the high inflation rate of local currency pesos. It was the same year when the platform started offering DAI stablecoin of MakerDAO, which tends to stick its value always equal to the US dollar along with using crypto assets as its collateral.
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An official statement from the firm stated that Buenbit started from its premise that the stablecoin like DAI that has pegged with the dollar could serve as an apparent gateway for the crypto world. Historically citizens of Argentina used the dollar as savings and as a means to protect themselves from several economic factors like inflation and devaluation.
For now, Buenbit could say that they were not wrong. Over the past few months, Buenbit has tended to expand its presence in the regions of Latin America and, on the other hand, increased the number of cryptocurrencies in its portfolio. Last year in June, the crypto exchange platform also raised $11 million in Series A funding led by Libertus Capital, a London-based venture capital firm. Later on, the platform expanded to Peru and Mexico in October and November to serve individual traders in the regions.
Previously this month, the Buenbit crypto exchange platform announced the addition of five new cryptocurrencies to its platform along with DAI, BTC and ETH. Recently added digital assets included DOT, SOL, BNB, MATIC and ADA. Other than the cryptocurrencies, the crypto trading platform also allows its users to use decentralized finance protocols to generate interest in their digital assets investments. The rates would depend upon the respective cryptocurrency.
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Source: https://www.thecoinrepublic.com/2022/03/25/why-did-argentine-crypto-exchange-buenbit-add-more-stablecoins-on-the-platform/