Latin America is home to more than 640 million people. Interestingly, cryptocurrencies are
popular in Latin America. The rapid growth of smartphone ownership makes cryptocurrencies easy to use on a regular basis in the area. In Latin America, about 50% or 60% of the population have bank accounts, while almost 80% have smartphones. Let’s have a look at how one cryptocurrency exchange from Mexico benefited from crypto’s general popularity.
There is a cryptocurrency exchange known as Bitso, an early partner of Ripple. Ripple is behind the fourth-biggest cryptocurrency, XRP, in terms of market capitalization. Moreover, Ripple and Coinbase invested in this cryptocurrency exchange to help Bitso to expand in Argentina and Brazil in 2019. Bitso is pursuing this goal currently.
Cryptocurrencies in Mexico, Argentina, and Brazil
Bitso should be proud of its achievements, as its number of users reached 1 million last week. Notably, this cryptocurrency exchange has hit 1 million users prior to its upcoming launch in Brazil. As a reminder, Brazil is the largest country in both South America and Latin America.
Let’s get back to this achievement. This cryptocurrency exchange is quite popular in Mexico and Argentina. The history of the country’s first crypto exchange dates back to 2014. Moreover, Bitso is the largest crypto trading platform in the country. This is not the end of the story, as Bitso is also the number one exchange in Argentina. It was able to achieve this result in several months.
Bitso’s success in Argentina is connected with extraordinary crypto activity and increased
demand for cross-border payments in the local market.
Importantly, the country has a very large crypto community as well as a huge number of
freelancers. Furthermore, some freelancers, as well as engineering contractors, use crypto to receive money from employers who are based in the U.S.