Bitso, the cryptocurrency exchange backed by Ripple and Coinbase launched about six months ago in Argentina, is now occupying the top position in country’s cryptocurrency market. In October last year, both Coinbase and Ripple invested an undisclosed amount in Bitso towards its expansion to Argentina and Brazil.
The exchange, which is among the biggest crypto exchanges in Latin America, has attained 1 million users before its forthcoming launch in Brazil.
According to Bitso’s director of cross-border payments, Santiago Alvarado, during Unitize panel on July 8, the exchange attained a major milestone the previous week. Together with Ripple’s director of product Craig DeWitt and Prysm Group’s Reed Cataldo, they talked about the recent developments in using cryptocurrency for cross-border payments in Latin America.
Alvarado noted that Bitso topped cryptocurrency markets in Mexico and Argentina, and is now anticipating its entry into Brazil. It has been successful in Argentina in connection with outstanding cryptocurrency activity and the increasing demand for cross-border payments in the local market.
According to him, there are numerous individuals in the country’s cryptocurrency community as well as a huge freelance user base, and numerous local freelancers and engineering contractors receive payments using cryptocurrency from employers in the U.S.
He continued that the fast rate at which cryptocurrency is being adopted in Latin America is due to the increasing development of distribution infrastructure and a rapid growth of smartphone ownership.
Mobile phones are helping to deliver financial services to people, as statistics reveal that 50 percent or 60 percent of the population in Latin America have bank accounts, while 80 percent have smartphones.
Data from Coin Dance shows an upsurge in crypto trading in Argentina, as 92 Bitcoin (valued at more than 100 million Argentine pesos) was traded on LocalBitcoins in the week that ended on July 7. This is the largest amount of local currency ever traded against BTC in the country.