In a significant move to expand its footprint in the global cryptocurrency market, Coinbase (COIN) has announced that it has received regulatory approval to offer its services to users in Argentina. This approval comes in the form of a Virtual Asset Service Provider (VASP) registration from Argentina’s National Securities Commission (CNV), as detailed in a recent blog post from the company.
This expansion is not just a business endeavor for Coinbase; it aligns with the company’s mission to promote economic freedom worldwide. With around 5 million Argentinians using cryptocurrency on a daily basis, this initiative promises to enhance access to digital assets in a region increasingly embracing the crypto revolution.
The operations in Argentina will be spearheaded by Matìas Alberti, a seasoned professional in the fintech arena, previously associated with firms like Buenbit and Clara. His leadership is expected to navigate the complex regulatory landscape and tailor services to meet the distinct needs of Argentine users.
As Coinbase embarks on this journey, its shares reacted moderately in the Nasdaq trading, showing little change. However, it’s worth noting that the stock has seen an uptick of 8% this year, now priced at $277.84, which closely mirrors the current movements of Bitcoin (BTC) in the marketplace.
With this strategic expansion, Coinbase is poised to strengthen its international presence and cater to the rising demand for cryptocurrency services in Argentina. The coming months will be crucial in determining how the company adapts its offerings and engages with the local community.
