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Coinbase Receives Approval to Expand Services Into Argentina
Roughly 5 million Argentinians use crypto daily, according to Coinbase.
What to know:
- Coinbase said it received regulatory approval to offer services in Argentina.
- The expansion is part of the company's efforts to increase economic freedom globally.
- Shares of Coinbase were little changed at the start of U.S. trading.
Crypto exchange Coinbase (COIN) said it received regulatory approval to offer services to users in Argentina.
The company received a Virtual Asset Service Provider (VASP) registration from Argentina’s National Securities Commission (CNV), it said in a blog post on Tuesday.
STORY CONTINUES BELOW
The expansion is part of the exchange’s mission to increase economic freedom globally. In 2023, Coinbase launched its services in Brazil as a first push into the Latin American region.
Roughly 5 million Argentinians use crypto on a daily basis, Coinbase said, and 76% of adults see crypto as a solution to some of their financial frustrations, including high inflation and transaction costs. Operations will be led by Matìas Alberti, who previously worked in the fintech field at Buenbit and Clara.
Coinbase shares were little changed at the start of Nasdaq trading. They have added 8% this year to $277.84 at press time, roughly tracking the price of bitcoin (BTC).
UPDATE (Jan. 28, 15:11 UTC): Adds further details about Coinbase's Latin America expansion.
Helene Braun
Helene is a New York-based news reporter at CoinDesk, covering news about Wall Street, the rise of the spot bitcoin exchange-traded funds (ETFs) and updates on crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show on Spotify and Youtube. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
