Latin America is becoming a forerunner in cryptocurrency adoption
The Latin American market might be a little behind in the adoption of cryptocurrency compared to other regions, but it certainly has a lot of potential for cryptocurrency businesses. Bitso, one of the biggest crypto exchanges operating in Latin America, has witnessed this firsthand and recently hit one million users. This success came even before the app’s planned launch in the Brazilian market. The director of cross-border payments at Bitso, Santiago Alvarado, spoke about the latest developments from the company to serve payments in Latin America yesterday at a Unitize panel.
The discussion panel was also joined by Ripple’s director of product, Craig DeWitt, and Prysm Group’s Reed Cataldo.
Alvarado spoke about the success that Bitso has been having in the Mexican and Argentinian markets, which are now topped. Last week, the company reached a major milestone when it passed a million users and, now, it is expecting to do the same when it enters the Brazilian market, added Alvarado.
Bitso started operations in Mexico in 2014 and is currently the leading crypto trading and exchange platform in the country. In Argentina, the service was rolled out this past February, and it has already become the largest crypto exchange in the country, as well, according to Alvarado.
It seems that the Latin American market is becoming more active and, particularly in Argentina, there are a lot of crypto users. These users come mainly from freelance workers, who use this method to receive payments from US employers. For Alvarado, one of the main reasons for the market to be growing so fast is the rapid growth of mobile ownership, which is one of the biggest factors.