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Representatives of crypto exchange Orionx came to Mexico to open a branch on September 16. After having waged a complicated legal battle against banks in Chile, their country of origin, they have decided to try their luck in Mexico.
According to a press release issued by local media, there is a team of five people installed in Mexico, which has facilitated the exchange already has a presence in Mexico City, Guadalajara, and Monterrey. The operations of the working group are supervised from Chile. Because cryptocurrency is a global currency, countries’ capital controls are not so restrictive.
Rodrigo Segal, the co-founder of Orionx, said that Mexico is the “largest market in the Spanish-speaking world,” which has aroused the interest of the company dedicated to the services of sale and exchange of cryptocurrencies.
Segal also indicated that Mexico will allow the bitcoin community to operate with a higher degree of security thanks to the Fintech law, which entered into force on September 10 and indirectly affects the market for cryptoassets. “The regulation is good for everyone and is the best for the market,” can be read in the press release.
Since moving to Mexico, Orinox has gained a dozen essential customers for the branch, says Segal. Orionx representatives expect Mexico to account for between 80% and 90% of exchange transactions. Also, they plan to have the second place in movement volume of the crypto market in Mexico within a year.
By 2020, Orionx plans to expand its operations in Asia and Europe. Segal, who is also commercial director of the exchange, said that the countries that most arouse his interest are South Korea and Hong Kong.
Orionx would initiate a market strategy on September 27 consisting of the realization of an airdrop, which would give XRP to the first users to join the branch in Mexico. This airdrop was designed with the goal of adding more than 10,000 users in the country.
Orionx suffered the attack of the banks against the crypto exchanges that operate in Chile. In April, BancoEstado closed its bank account. In the same month, Orionx sued BancoEstado for that “arbitrary and illegal measure.” Later, in June, Orionx sued six Chilean banks for “exclusionary practices” against crypto exchanges.