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Argentinian Cryptocurrency Exchange Buenbit Launches Stablecoin Yield Instruments

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Argentinian Cryptocurrency Exchange Buenbit Launches Stablecoin Yield Instruments

Buenbit, one of the leading Argentinian cryptocurrency exchanges, announced the inclusion of two stablecoins in its current yield program. The company will allow its customers to earn yields of up to 11% annually on their USDC and USDT funds, with the earnings being deposited in customers’ accounts daily, targeting high inflation markets.

Buenbit Announces USDC and USDT Yield Instruments

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More and more exchanges are trying to offer staking options for their customers, allowing them to earn money with the funds deposited on their platforms. Buenbit, an Argentinian exchange, is one of these, recently announcing the inclusion of two stablecoins as part of its yield investment instruments. The company confirmed that USDC and USDT-based investment structures were already available for users to gain yield on the deposits of these stablecoins.

According to reports from local media, the exchange will offer 11% for USDC deposits, and 9% on USDT deposits. These instruments join other coins such as BTC, ETH, DAI, BNB, DOT, ADA, SOL, and MATIC, allowing the customers of the exchange to gain yield without having to worry about price volatility. The interests of these products will be deposited daily.

Targeting High Inflation

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The exchange is targeting high inflation markets (such as Argentina) where customers fear volatility but need to position their investment to gain some yield. Federico Ogue, CEO of Buenbit, explained the goal behind this new batch of investment products. He stated:

We continue to provide solutions that help people hedge against inflation and find crypto an easy-to-use place for their everyday finances. Stable cryptocurrencies are one of the products where users place the most trust, that is why we launch yields that contribute to increasing the capital of each of them.

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Buenbit’s products are activated when the user deposits funds in the wallet of the exchange, and they can be withdrawn without having to wait for a defined time period, which differentiates the service when compared to other, similar offerings. The use of these instruments is especially interesting for Argentinians, who can sometimes collect a higher price in the exchange market for these stablecoins than for dollar bills.

Though the exchange is offering these new options, it has been hit by the recent market downturn. Buenbit announced in May that it was laying off almost half of its workforce in order to “maintain a self-sustaining and efficient structure” in the three countries where the exchange operates.

What do you think about the new stablecoin-based yield instruments launched by Buenbit? Tell us in the comments section below.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Singapore Based Crypto Exchange Bybit Expands To Argentina

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Singapore Based Crypto Exchange Bybit Expands To Argentina

Bybit, a Singapore-based cryptocurrency exchange, has announced it will be expanding its operations to Argentina. The exchange wants to offer Argentinian citizens another platform on which to transact, given the popularity that the cryptocurrency industry is enjoying in the country. The exchange will also have a dedicated team to support Argentinian operations.

Bybit Lands in Argentina

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The growth of the cryptocurrency industry in Argentina has not gone unnoticed by international companies. Bybit, a Singapore-based, top-ten crypto exchange by volume traded, has announced that it will expand its trading operations to support Argentinian customers directly.

To better achieve this goal, the company will dedicate a team to attend to applicable requirements and support its upcoming Argentinian customers, allowing them to transact, purchase, and sell cryptocurrencies on Bybit’s platform. Also, the platform will be available in Spanish, the native language of the country.

Regarding this development, the exchange declared:

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Taking into account the level of penetration and the rapid growth in the adoption of cryptocurrencies in Argentina, Bybit has made this decision, which is due to the importance of the Argentinian market in the Latin American region.

Due to all of this, Bybit considers it is the right time to expand its operations to the country, given that there is an opportunity for onboarding users still new to the cryptocurrency movement.

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Argentinian Crypto Appeal

In recent years, Argentinians have been getting closer and closer to crypto, with this phenomenon starting after the government established limits to the number of dollars citizens could exchange, establishing a foreign currency exchange control, similar to the one established by the Venezuelan government before that. Inflation numbers have also influenced the interest in this new, alternative financial system.

The exchange is betting that this newfound interest in crypto, due to national and international market conditions, will power the demand of Argentinian users in the near future for new applications. About this, Gonzalo Lema, director of Bybit operations for Argentina, stated:

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Although macroeconomic conditions have become a factor in increasing the adoption of cryptocurrencies in Argentina, as the customer base grows, interest in other potential uses of these assets will increase, such as the possibility of receiving remittances or even paying for goods and services with them.

The company will offer all of its available services and investment instruments in Argentina, and an APY of 22% on Dai deposits, to Argentinians registering before July 11.

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What do you think about the new expansion plans that Bybit has for Argentinian markets? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Visa Launches Bitcoin And Crypto Enabled Cards In Latam

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Visa Launches Bitcoin And Crypto Enabled Cards In Latam

Visa, one of the biggest payments companies in the world, has announced the launch of a series of crypto-enabled cards in partnership with several fintech startups in Latam. These cards will allow users to spend crypto, purchase crypto where Visa cards are accepted for such, and also receive crypto cash back through different fintech partners in the region.

Visa Provides Fintech Partners With Crypto-Enabled Cards

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More global payment companies are taking an interest in mixing conventional fiat payments with more advanced solutions like cryptocurrencies. Visa, one of the leading payments companies, announced last week that it launched its first crypto-enabled cards in Latam, with the idea of enabling more people to use cryptocurrencies through its payments network.

The company partnered with several startups in Latam, including Lemon Cash and Satoshi Tango in Argentina, and other startups including Crypto.com, Alterbank, and Zro Bank in Brazil. The functions that these new cards will feature include paying with crypto, purchasing crypto via Visa-enabled crypto outlets, and also receiving purchase cash back in bitcoin.

About the intention of Visa, Romina Seltzer, senior vice president of products and innovation for Visa Latin America and the Caribbean, stated:

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The crypto ecosystem continues to gain momentum in the region with increased investment, more consumer adoption, and more crypto-enabled use cases, and we will continue to build on our strong strategy to build the future of crypto and payments for our customers, partners and consumers.

Specific Partnerships

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Visa signaled several instances of cooperation with Latam-based startups that refer mostly to the case of offering cash back in crypto for purchases. This is the case of the company’s alliance with Lemon Cash, which enables Argentinian customers to enjoy the aforementioned feature. About this, Borja Martel Seward, Lemon Cash co-founder, stated:

In the context of Latin America, cryptocurrencies are a concrete solution to improve people’s lives. At Lemon we want to contribute to the cryptocurrency revolution throughout the region, and we offer a 2% cash back in Bitcoin for all purchases made with Visa credentials.

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Crypto.com is offering similar cash back rewards to its customers in Brazil, but with a higher cash back bounty. Filomena Ruffa, general manager of Crypto.com for Latam, stated:

Through our localized products and the expansion of our card program with cash back benefits of up to 5%, we are offering consumers and businesses in the region different ways to interact and transact with cryptocurrencies.

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Mastercard, Visa’s direct rival, has also shown interest in the Latam market, having inked a partnership with Mercado Libre, one of the biggest retailers in the area, to help it secure the transactions on its crypto exchange.

What do you think about Visa’s launch of its crypto-enabled cards in Latam? Tell us in the comments section below.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Co-Founder Of Argentinian Tech Giant Globant Thinks Companies Should Take Metaverse, NFTs, And Crypto Seriously

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Co-Founder Of Argentinian Tech Giant Globant Thinks Companies Should Take Metaverse, NFTs, And Crypto Seriously

Guibert Englebienne, co-founder of Globant, an Argentinian software development company, stated that all companies should be aware of what nascent technologies such as crypto, NFTs, and the metaverse are offering. Englebienne explained that these new technologies might disrupt the operations of existing businesses, and that some time might need to be invested to understand these effects.

Globant Co-founder Takes New Tech Seriously

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Crypto and its derived products are starting to touch many industries tangentially, including the tech sector, and many companies are worried about the effects this might have. Guibert Englebienne, one of the co-founders of Globant, the Argentinian tech unicorn, has explained that this effect and the new tech that is emerging from the amalgamation of crypto, NFTs, and the metaverse sector should not be ignored.

Englebienne bases his opinion on the ample scope that these sectors have and how this can affect other businesses that are tangentially close to crypto, like tech. In an interview with local media, he stated:

Organizations in general, when they grow, crystallize in a business model that has been favorable to them and on which they have developed a habit and a custom, but the appearance of new technologies will generate disruption on your business. Devoting a part of your time to being able to understand this is essential.

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Fan of NFTs, Crypto, and Metaverse

Englebienne, as co-founder of Globant, is a fan of these new technologies, including the metaverse, NFTs, and crypto. About the metaverse, he believes that while the tech is legit, there is still too much noise surrounding it. The air needs to be cleared to comprehend the real uses and potential of this new technology, according to him.

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On crypto, Englebienne has also a positive attitude. However, he believes that this new bear market might be positive for the sector. he declared:

Regarding the recent falls in the markets, I think this is healthy to some extent because it cleans up the landscape and separates those projects that have a solid value proposition versus those that are simply speculation.

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Furthermore, he stated bitcoin is “good as a diversification strategy and if one believes in cryptocurrencies, being able to make a bet on it, but always in a reasonable way.”

The co-founder of Globant is also a believer that when it comes to NFTs and their possible uses, saying that these enable interesting business models, but that there must be interesting projects using NFTs that understand “the real potential behind the technology,” instead of just using it as part of the current euphoria.

What do you think about the opinions that Globant’s co-founder has on crypto, NFTs, and the metaverse? Tell us in the comments section below.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Advertisement

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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