Huobi Argentina plans to invest $100M for creating a blockchain data center

Huobi Argentina, a subsidiary of cryptocurrency exchange Huobi Group, is planning to invest $100 million for creating a blockchain data center.

The center would be the largest of its kind, Huobi Argentina announced Wednesday, as reported by Reuters.

Huobi Argentina platform was first revealed in September as a fiat gateway to buy cryptocurrencies with Argentine pesos. The platform was supposed to go live by mid-October. According to the Reuters report, Huobi Argentina said it will go live by the end of November.

Argentina’s economy has been suffering, which seems to have helped rising cryptocurrency interest in the country. More cryptocurrency exchanges are planning to enter Argentina - recently Bitso announced its plans to launch a platform in the country, while Binance has also hinted about its plans for Argentina.

The central bank of Argentina's capital control measures could be another reason for growing cryptocurrency interest. The central bank recently put a cap on U.S. dollar (USD) purchases for the second time to “maintain exchange stability and protect reserves.” Individual Argentinians are now limited to USD purchases of $200 per month, a steep cut from the previous $10,000 per-month limit.

TAGS
HTX

AUTHOR

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

See More
Connect on

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on