Bitso Alpha is designed for people who use cryptocurrencies as a trading tool. Cointelegraph en Español spoke to Eduardo Arenas, Director of Bitso Alpha to find out his vision of the ecosystem.
Fernando Quirós (FQ): What potential do you see for Bitcoin and cryptocurrencies?
Eduardo Arenas (EA): From our point of view, there is great potential for the cryptocurrency sector in Latin America and so far more and more people have welcomed the benefits of using this technology.
We know the Mexican market very well, a country that has become a major promoter of the entire sector, particularly after the enactment of its Law Regulating Financial Technology Institutions, better known as the Fintech Law.
This year we also started operations in Argentina and positioned ourselves as the largest exchange in terms of volume in just a few months. We have a team of experts in the Argentine market and we have found that it is undoubtedly one of the most experienced and knowledgeable communities on the subject, where stablecoins have incredible growth and potential.
However, we believe that there is still a long way to go in terms of education and information on this issue and, especially for us, this is a very important mission that we are working hard on.
The biggest challenge is to make people realize that the technology of cryptocurrencies and blockchain goes much further than just investing in them and that it can improve and positively affect the lives of millions of people. For this reason, it is our mission to better communicate and make accessible the various use cases of this technology: to enable international and personal transfers or access to our money without physical branches, schedules, intermediaries, borders or commissions without meaning. In this way we ensure that everyone using our platform enjoys a safer and more transparent process. Accessing your money and sending it is as easy as sending a text message. This is a reality that our users already live in Mexico and Argentina, and soon to come to Brazil too.
QQ: What is the potential of stablecoins?
EA: Since its inception, we have been committed to bringing the benefits they offer to millions of people. That’s why we were among the first exchanges to list TrueUSD, one of the first stable coins. We did this in 2018.
Then the stablecoin boom began and we thought about how to create liquidity for so many books with so many different stablecoins. As a platform, you should not only think about which cryptocurrencies to list, but also how to provide enough liquidity so that users get the best prices.
So after a lot of planning, design and construction work We have decided to start this first part of the dollar in Bitso Alpha with stablecoins. This means you can fund any stablecoin: TrueUSD, USDC, Paxos, BUSD and HUSD in Bitso. Once you have done this, a balance in dollars will automatically be created.This balance can be withdrawn using these stablecoins methods. This service will soon be available to all Bitso users, including the Bitso app.
This way you have many ways to deposit and withdraw funds from your Bitso account in a very simple way.
We believe the potential of stablecoins is enormous, and we believe that having books in dollars will be essential to our growth as we continue to expand in Latin America. In the end, it’s the most liquid pair and we currently have three books against dollars: BTC, XRP and ETH.
Currently, this strategy is focused on Mexico, Argentina and Brazil. However, our goal is for millions of Latin Americans to enjoy these benefits.
QQ: Which Latin American countries do you see the greatest interest in cryptocurrencies in?
EA: We are certainly seeing a very important boom in Latin America in general, but I want to mention Argentina in particular. Well, from our point of view, it is one of the most developed markets in LATAM, and given the global economic framework, the adoption of cryptocurrencies and stable coins has grown exponentially.
We think that’s because Users are much more familiar with technology and along with Mexico it is a country where the potential of cryptocurrencies is enormousWe therefore believe that growth will continue to be exponential in the months to come as we have positioned ourselves as the largest exchange by volume in the region in just a few months.
QQ: Do you think the remittance market is important for cryptocurrencies?
EA: Without a doubt, sending and receiving wire transfers is key to accelerating our mission to achieve mass adoption of cryptocurrencies. We are sure that the more people know about the different use cases in which cryptocurrencies can be specified, the faster we will advance our mission to massively adopt this technology in Latin America.
With this in mind, we always knew that cryptocurrencies had enormous potential for international payments. We have been using technology to send transfers since 2015. The volume wasn’t very high, however. It wasn’t until the middle of last year that we launched a new Ripple product that allowed us to increase volume exponentially.
It is a simple, automated, digital and transparent process that offers many advantages compared to traditional processes. For example, transactions are much faster as they take place in minutes as opposed to the weeks that can pass with the traditional method.
They’re also much cheaper, and while users don’t realize the process was done using this technology, they have the option of doing the same process at a much lower cost.
It is very exciting for us to be able to take advantage of all of the technologies we have developed and create use cases that directly affect people’s lives.
QQ: Can you explain what Bitso Alpha is and what services they offer?
EA: Before I tell you a little more about Bitso Alpha, I would like to emphasize that we are certain that cryptocurrencies will find greater acceptance if we develop products that facilitate access to this technology.
Bitso Alpha was developed with this aim in mind and takes into account all those people who use crypto as a trading tool and need suitable tools to be able to make better decisions. Our platform offers an analysis of market trends. Our users can perform technical analysis and execute all of their trades on the same exchange.
In this sense, We believe that the introduction of books in dollars, which I talked about earlier, is very important as our goal has always been to provide access to local liquidity for millions of people in global cryptocurrency markets. This year we decided to open our pairs against USD, BTC / USD, ETH / USD, XRP / USD. To work in these books, we introduced a new method of working with dollars that allows our users to withdraw money and money through multiple stablecoin options such as USDC, HUSD, PAX, BUSD, which are automatically converted to dollars.
In this way, we offer our users the opportunity to work with a global service that enables them to move their dollars with full protection, as Silvergate Bank, Bitso’s partner bank, is supported by the Federal Deposit Insurance Corporation (FDIC).
The uses and benefits that stablecoins and cryptocurrencies in general offer us are enormous. With this in mind, our mission will continue to be to communicate and expand the various use cases of cryptocurrencies in order to achieve greater liquidity in the markets and improve commissions for our users and provide safer and more transparent services to millions of people.
QQ: What are your plans for the near future?
EA: We plan to keep growing exponentially and that is why we will be operating in Brazil soon. We have big plans and look forward to telling you more about what we’re up to soon.
QQ: Do you see any resistance from banks to working with cryptocurrencies?
EA: In general, we are seeing a great adoption and increase in the use and adoption of cryptocurrencies, and this is also reflected in the traditional financial system that is increasingly paying attention to new technologies and we are sure that the result will be great. Improving the user experience and financial services in general.
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