Bitso, a Ripple and Coinbase-backed crypto exchange in Latin America, has hit 1 million registered users prior to its upcoming launch in Brazil.
Bitso was officially launched in Mexico in 2014 through which users can buy, sell, or transfer crypto. As of now, it has raised over $4 million in funding. Besides its operation in Mexico, this year it has expanded its service to Argentina, another country with many crypto enthusiasts.
Bitso’s Director or Cross-Border Payments Santiago Alvarado discussed the latest developments in leveraging crypto for cross-border payments in Latin America. The discussion was joined by Ripple product manager Craig DeWitt and Prysm Group Cataldo.
“Bitso reached a major milestone by hitting a one million user market last week. After topping Mexican and Argentinian crypto markets, Bitso is now expecting to enter Brazil.”
Bitso’s success in Argentina is connected to the unique crypto activity and increasing the need for cross-border payment in the local market. Argentina has traded 92 Bitcoins on LocalBitcoin over the past week, which is the biggest amount to be traded on exchanges in Argentina since 2016. According to Coin Dance data, that equaled more than 100 million Argentine pesos – the largest amount of local currencies have ever been traded against BTC.
Bitso is an early partner of Ripple, which is the fourth biggest crypto by market cap. In October 2019, prominent US crypto exchange Coinbase and Ripple put an undisclosed sum in Bitso to help it expand to Argentina and Brazil.