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.