Bitso, one of the largest cryptomoney exchanges in Latin America, has reached one million users before its next launch in Brazil.

Santiago Alvarado, Bitso’s director of cross-border payments, discussed the latest developments in the development of cryptomonies for cross-border payments in Latin America during a Unitize panel on July 8. The discussion was joined by Ripple’s product manager, Craig DeWitt, and Reed Cataldo of the Prysm Group.

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Bitso leads the Argentine market after its launch in February
During the panel, Alvarado revealed that Bitso reached an important milestone by reaching a market of one million users last week. After surpassing the crypto markets of Mexico and Argentina, Bitso now hopes to enter Brazil, Alvarado said.

Operating since 2014, Bitso is Mexico’s first crypto currency exchange and is the country’s largest crypto currency trading platform. After deploying the service in Argentina in February 2020, Bitso has already become the country’s largest crypto currency exchange as well, Alvarado said.

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According to the executive, Bitso’s success in Argentina is related to an extraordinary activity in cryptomonies and a greater demand for cross-border payments in the local market. „Argentina has a very large cryptocommunity and a huge freelancer user base,“ Alvarado said, noting that several local freelancers and engineering contractors use cryptocurrency to receive payments from employers in the United States.

Alvarado also suggested that the overall rapid rate of adoption of crypto currencies in Latin America is a result of the growing development of distribution infrastructure and the rapid growth of smartphone ownership. „In Latin America, about 50% or 60% of the population has bank accounts, but almost 80% have smart phones,“ said Alvarado, highlighting mobile phones as important factors that allow for „enormous innovation in terms of financial service delivery.

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The news comes amid an apparent increase in the cryptomoney trade in Argentina. During the week ending July 7, Argentina traded 92 Bitcoin (BTC) on LocalBitcoins, the largest amount traded on the exchange in Argentina since 2016. According to Coin Dance data, that was the equivalent of more than 100 million Argentine pesos, the largest amount of local currency ever traded in exchange for BTC.

As reported, Bitcoin Rush is one of the first partners of Ripple, a company that is behind the fourth largest crypto currency by market capitalization, XRP. In October 2019, large U.S. companies and crypto currency exchanges Coinbase and Ripple invested an undisclosed amount in Bitso to help it expand into Argentina and Brazil.

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