Bitso, one of the largest cryptocurrency exchanges in Latin America, has reached one million users before the next start in Brazil.
Santiago Alvarado, director of cross-border payments at Bitso, spoke about recent advances in the development of cryptocurrencies for cross-border payments in Latin America during a unitize panel on July 8th. Craig DeWitt, Product Director of Ripple, and Reed Cataldo of the Prysm Group participated in the discussion.
Bitso is the leader in the Argentine market after its launch in February
During the panel Alvarado announced that Bitso reached a significant milestone last week by reaching a million user market.. After overtaking the cryptocurrency markets of Mexico and Argentina, Bitso is now hoping to enter Brazil, Alvarado said.
Operation since 2014, Bitso is the first cryptocurrency exchange in Mexico and the largest cryptocurrency trading platform in the country. After the service’s launch in Argentina in February 2020, Bitso has already become the country’s largest cryptocurrency exchange, Alvarado said.
Latin America is one of the most active cryptocurrency markets
According to the executive, Bitso’s success in Argentina is linked to exceptional cryptocurrency activities and increased demand for cross-border payments in the local market.. “Argentina has a very large crypto community and huge freelance user base,” said Alvarado, noting that several local freelancers and engineering firms use cryptocurrencies to receive payments from US employers.
Alvarado suggested that too The rapid pace of introduction of cryptocurrencies in Latin America is the result of the increasing development of the sales infrastructure and the rapid growth of the smartphone owner.. “In Latin America, around 50% or 60% of the population have bank accounts, but almost 80% have smartphones,” said Alvarado, highlighting cellphones as key factors that “enable tremendous innovation in the provision of financial services.”
The news comes in the midst of an obvious surge in Argentina’s cryptocurrency trading. In the week ending July 7, Argentina traded 92 Bitcoin (BTC) with LocalBitcoins, the largest amount traded on the Argentina stock exchange since 2016. According to coin dance data, this corresponded to more than 100 million pesos. Argentina, the largest amount of local currency ever traded in exchange for BTC.
As reported Bitso is one of Ripple’s first partners, The company behind the fourth largest cryptocurrency by market cap, XRP. Large US companies and cryptocurrencies exchange in October 2019 Coinbase and Ripple invested an undisclosed amount in Bitso to support expansion into Argentina and Brazil.