Bitso landed in Argentina in mid-February 2020. Today they claim to have an average of 77% of the local market share. In addition, they affirm that, taking Argentina and Mexico into account, they have already exceeded a million users. Andrés Ondarra, Bitso Country Manager for Argentina, gave Cointelegraph en Español further details.
“”It’s growing steadily as we’ve registered more than 200,000 new users since reaching a million in July to date. This is likely due in part to the restrictions and uncertainties Argentines have been feeling since the days leading up to the new exchange restrictions.”He indicated.
On the other hand, Ondarra stated that Bitso users prefer different books like BTC / ARS, which especially illustrates the maturity of the Argentine crypto ecosystem, as despite the huge growth of stablecoins, users opt for different books.
“”This shows the knowledge of the importance of diversification and the specifics of different cryptos. With that in mind, we can highlight the following top 5 most used cryptos by investment volume by Argentine users: BTC, ETH, XRP, TUSD and LTC”He added later
Regarding the stablecoin market, he recalled that until recently in Bitso it was possible to access DAI with Bitcoin, and recently they opened up the possibility to their users to access the stablecoin, now with Argentine pesos. “Although Argentines could not use our local currency directly to purchase DAI, but rather through trading, the volume of business with DAI on our platform increased by 7.058% between February and October 8, 2020,” he detailed.
“Currently, DAI / ARS is our largest stable coin book and the sixth book our users have traded the most in in less than a month.“, He explained.
For reference, they took the stock hardening week and the following and finally the last week of October. See below The numbers correspond to the volume of the operated DAIs::
From September 14th to 20th: 35,804,168
From September 21 to 27: 36,985,904
21.-27. October: 60,029,517
However, if the monthly behavior is taken into account, The key figures illustrate the high demand for DAI in September:
Finally, from Bitso, they shared the following charts to understand the evolution of the market based solely on internal data from the company, in this case in terms of the volumes traded in Bitcoin in September.
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