Argentines are now discovering that P2P (peer-to-peer) markets can be used to maintain or multiply their savings in crypto and foreign currency. According to local media sources, more and more Argentines are using P2P exchanges and markets to use arbitrage and make money as P2P cashiers. Maximiliano Hinz, Binance’s Latam Operations Director, states that their P2P business has grown by 40% in the last month alone.
Argentines rush to boom P2P market
Argentines are discovering the way liquidity providers in P2P markets make large amounts of money by brokering between different markets. According to local media reports, this practice could quintuple the monthly savings of some investors depending on the availability of some payment methods and the skill of the P2P cashier.
These human exchangers can buy crypto in cheap markets and then sell it in other international markets where demand (and prices) are more interesting. However, this is not a given as P2P cashiers need to manage different payment methods and accounts in order to offer their customers interesting options and earn big spreads across different exchanges.
There are several exchanges in Argentina that manage P2P markets, which means that these act as platforms to bring together users who want to exchange cryptocurrencies for fiat currencies. These include Binance, Paxful, Airtm, Okex, and Localbitcoins, among others.
growth and earnings
Various companies have confirmed the growth reported by local sources. Maximiliano Hinz, Binance’s Latam Operations Director, stated:
The growth was pretty organic. Due to the nature of the business, we can say that our active users have grown by 40% in the last month.
Renata Rodríguez, marketing manager for Paxful Latam, similarly noted that new user registrations in Argentina have increased by more than 110% over the last year.
Other companies didn’t provide exact numbers, but say they’ve also seen a sharp increase in P2P marketplace activity. Such is the case of Alex Vázquez, Okex’s P2P Operations Manager, who said:
We’ve seen a significant recovery since the last month in particular.
Also, these traders must have different payment methods to take advantage of the new spreads available depending on the markets involved. Local sources state that unusual payment methods, including Payoneer and Paypal, could generate higher revenue compared to others. This is because they are used by freelancers in the country who want to receive fiat and cryptocurrency payments using these platforms.
Amazon gift cards can often be purchased at a 25% discount to later sell at face value in other markets. However, the volatility in the crypto markets is a real problem for P2P cashiers who prefer to trade stablecoins like USDT and others.
What are your thoughts on the rise of P2P markets in Argentina? Tell us in the comment section below.
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