Tether, the issuer of the largest stablecoin, and the KriptonMarket platform are launching support for USDT transactions at the Central Market of Buenos Aires. Latam Gateway, Binance’s partner in Brazil, received a license as a payment institution and e-money issuer from the Central Bank of Brazil.
Tether partnered with crypto payment provider KriptonMarket to support USDT transactions at the Central Market of Buenos Aires, one of Latin America’s largest fruit and vegetable suppliers that serves over 12 million people each month.
This partnership will allow market visitors to pay for purchases at the market using USDT, while vendors will accept crypto. Through the partnership with Tether, KriptonMarket will also offer small businesses the ability to pay a portion of employees’ salaries in stablecoins. Globally, the partnership is designed to reduce intermediation costs and allow users in Argentina to use cryptocurrency pegged to the U.S. dollar.
Cryptocurrencies are very popular in the region as inflation continues to rise, reaching record levels. For example, according to Trading Economics, inflation in Argentina increased by more than 108% in April 2023. This creates difficulties for businesses and clients, who face a monthly depreciation of the Argentine peso by about 8%.
According to Paolo Ardoino, CTO at Tether, the partnership with KriptonMarket will allow Argentines to achieve financial freedom and win the fight against financial discrimination. Ardoino also expressed his hope that the successful use of USDT by small businesses at the Central Market of Buenos Aires could be the beginning of mass adoption of cryptocurrencies and an example that will later be replicated around the world.
Latam Gateway, the Brazilian payment provider that serves the crypto exchange Binance, received a license as a payment institution and e-money issuer from the Central Bank of Brazil. This was reported by the local media.
Brazil is a key market for Binance, and the company is Latam Gateway’s only crypto partner. The partnership with Binance allows Latam Gateway to provide local and international businesses with the infrastructure to exchange crypto for Brazilian real.
Cryptocurrencies are a legal payment method in Brazil, which helps attract cryptocurrency companies to the region, as more than 60% of Brazilians are willing to use crypto regularly, according to a CoinsPaid study. Binance and Mastercard have previously launched a prepaid crypto card with over 14 cryptocurrencies. Coinbase has also expanded its operations in Brazil, offering the purchase of cryptocurrency for Brazilian real through local payment providers.
The Securities and Exchange Commission of Brazil (CVM) is investigating Binance on allegations of helping customers circumvent the ban on crypto derivatives. The CVM issued a ban on crypto derivatives in 2020, and Binance, according to the regulator, provided instructions to Brazilian users that allowed them to access the Binance Futures platform to bypass the ban. There was also an extensive amount of content in Portuguese without notice of possible restrictions for Brazilian users. Local regulators were or are conducting similar investigations against Binance in Canada and the U.S.
