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OKEx Launches Latin American Fiat Gateway With Settle Network

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OKEx, a world-leading cryptocurrency spot and derivatives exchange, has reached a strategic partnership with Settle Network, a global fiat-crypto solution provider. Through the latter’s product, Latamex, OKEx users can now buy Bitcoin (BTC) and ether (ETH) on the exchange with Argentine peso (ARS), Brazilian real (BRL) and Mexican peso (MXN) using a direct bank transfer.

Settle Network is the largest digital assets settlement network across Latin America for exchange and cross-border payments, providing programmatic interoperability between traditional and digital assets by leveraging financial infrastructures of LATAM countries.

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“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’s 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, CEO of OKEx. “The cooperation with Settle Network is of strategic significance to OKEx. Latin American users can now purchase BTC and ETH with multiple local currencies in a compliant way through bank transfers. In the future, OKEx will continue to expand the coverage of fiat currencies to allow more users to purchase cryptocurrencies more conveniently.”

Since the world economy has suffered from setbacks for some time, people have begun to reflect on the problems in the existing financial system — among which, the unbanked has become an unavoidable topic. Currently, about 2 billion adults worldwide do not have bank accounts, and Latin Americans make up a large portion of them. Be that as it may, thanks to its intermediary-free nature, cryptocurrency has begun to play an increasingly important role in the field of financial services.

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For most people, the first step to enjoying blockchain-driven financial services is to convert local currencies to cryptocurrencies. As of now, OKEx has supported a vast number of fiat currencies worldwide. Thanks to the partnership with Settle Network, through its wide array of products — such as Latamex, Settle X, PSP Xramp, etc. — OKEx users will enjoy a much-improved experience in crypto-to-fiat trading and payment processing through bank transfers.

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