Huobi Argentina a subsidiary of Chinas Huobi Group has announced its plans to invest $100 M to create a data center in a report published by Reuters on Wednesday, November 6.
According to the post, The Argentina center will be the biggest of its kind in the region. Prior to this announcement, Huobi Argentina pointed out in September that it considered creating a local team and a fiat gateway to trade or convert the Argentine peso to cryptocurrency.
The company has reportedly decided to make this important investment as a result of the country’s declining economic situation, which has made Argentine citizens look for alternatives to the Argentine peso.
The investment comes as a pervasive economic crisis in Argentina prompted the government to impose stricter currency controls to prop up the rickety peso currency following President-elect Alberto Fernandez’s victory over incumbent Mauricio Macri in the October presidential elections.