Cryptocurrency exchange Kraken has expanded its services in Latin America by launching local currency funding options in Argentina and Mexico.
Introduction
Kraken, one of the largest cryptocurrency exchanges, has announced the launch of new funding options for clients in Argentina and Mexico. Users can now fund their accounts in Argentine pesos (ARS) and Mexican pesos (MXN) through local payment methods.
Expansion in the Latin American Market
This expansion aligns with the company's commitment to improve its reputation as a trusted and regulatory-compliant infrastructure supporting crypto adoption globally. Kraken is now registered as a Virtual Asset Service Provider (VASP) with Argentina's Comisión Nacional de Valores (CNV), allowing it to operate in compliance with local regulations. The growing demand for cryptocurrency in the region, especially in Argentina, where inflation exceeded 200% in 2023, highlights the necessity of such services.
New Services and Opportunities
The new functionalities will allow clients to quickly and easily make deposits and access the full suite of Kraken services. Funds will be automatically converted to US dollars at what are expected to be competitive and transparent exchange rates, eliminating the need for international transfers. The competition with traditional payment systems like PayPal and Venmo is also intensifying as the exchange expands its offerings with the launch of a peer-to-peer payments app.
Kraken's expansion into Argentina and Mexico highlights the growing importance of cryptocurrencies in Latin American markets and opens new opportunities for users amidst increasing economic instability.
