Huobi, one of the largest cryptocurrency trading exchange platforms in the world, is making a $100 million investment into a new data center located in Argentina.
Huobi Argentina, which is a subsidiary of the Chinese group Huobi in the country, has recently announced that it would invest $100 million USD to go towards creating a new crypto data center in Argentina. The new facility will be focused on blockchain technology and will be one of a kind in terms of size and capacity in the local area.
Carlos Banfi, the executive president of Huobi Argentina, affirmed that the company would make this huge investment to improve the blockchain infrastructure in the country. The current plans of the company are to set up a local team that can help in the creation of a fiat gateway, which can be used to convert the local fiat currency, the Argentine peso (ARG) to cryptocurrencies such as Bitcoin.
According to the latest announcement made by the local crypto firm, payments using ARG may be ready in a few weeks before the end of the month if everything goes as smoothly as expected.
Argentina has been dealing with huge inflation for a long time now, which is only smaller than Venezuela’s in Latin America. The current government was not able to solve these issues, so a lot of people are trying to convert their money to other sources to avoid losing it.
In this context, such a data center could be important for people who want to hold their funds in case the inflation gets worse.