There is one cryptocurrency exchange from Latin America should be proud of its achievements. This exchange is Bitso. Its number of users reached 1 million recently. Interestingly, this cryptocurrency exchange from Mexico has hit this number prior to its upcoming launch in Brazil. This is significant because Brazil is the largest country in both South America and Latin America. Furthermore, the country is the largest national economy in Latin America.
Bitso is quite popular in its native Mexico as well as in Argentina. The history of Bitso dates back to 2014. It is the country’s first crypto exchange. However, it is not the first exchange appearing in Mexico but Bitso is the largest crypto trading platform in the country.
This cryptocurrency exchange started to appear in the Argentinean market in February 2020. It is worth mentioning that, at the moment, it is the biggest crypto exchange in Argentina as well.
Cryptocurrency exchange and Latin America
Bitso’s success in Argentina is connected with extraordinary crypto activity as well as increased demand for cross-border payments in the local market.
Some people who are not familiar with the local market may be surprised to hear that Argentina has a very large crypto community and a huge number of freelancers. Moreover, some local freelancers, as well as engineering contractors, use crypto to receive payments from employers who are in the United States.
Cryptocurrencies are quite popular in Latin America. One of the major contributors to this fact is the rapid growth of smartphone ownership. For example, in Latin America, about 50% or 60% of the population has bank accounts. However, almost 80% have smartphones.
Bitso is also an early partner of Ripple. As a reminder, Ripple is responsible for the fourth-biggest cryptocurrency when it comes to market capitalization, XRP. Coinbase and Ripple invested in this cryptocurrency exchange to help Bitso to expand in Brazil and Argentina in 2019.