Bitso Reaches 1 Million Users as It Expands to Brazil

Bitso Hits 1 Million Users Ahead of Brazilian Expansion

Bitso, a leading cryptocurrency exchange in Latin America, has achieved a significant milestone by surpassing 1 million users, as announced by Santiago Alvarado, the company’s director of cross-border payments, during a panel discussion on Wednesday. This achievement comes just before Bitso’s much-anticipated launch in Brazil, signaling its growing influence in the region.

Bitso’s Rise in Latin America

Dominating Markets in Mexico and Argentina

• Founded in 2014: Bitso became the first crypto exchange in Mexico and is now the largest in the country.
• Expansion to Argentina: Launched in February 2020, Bitso quickly established itself as Argentina’s top crypto exchange.

Driving Factors Behind Success in Argentina

• High Crypto Activity: Argentina boasts a vibrant crypto community.
• Cross-Border Payment Demand: Local freelancers and engineering contractors increasingly use crypto to receive payments from international employers, particularly in the United States.

Alvarado noted:

“Argentina has a very large crypto community and a huge freelance user base.”

Mobile Technology as a Catalyst

In Latin America, access to financial services is often limited:

• Only 50-60% of the population has a bank account.
• However, nearly 80% own smartphones, making mobile devices critical for delivering financial services.

Alvarado emphasized:

“Smartphones enable huge innovation in terms of delivering financial services.”

Surge in Cryptocurrency Trading in Argentina

Record Bitcoin Trading Volumes

According to Cointelegraph, cryptocurrency trading in Argentina has reached new highs:

• In the week ending July 7, 92 Bitcoin (BTC) were traded on LocalBitcoins, the highest weekly amount since 2016.
• This equated to over 100 million Argentine pesos, marking the largest amount of local currency ever traded against Bitcoin.

Economic Factors Driving Adoption

Argentina’s volatile economy and currency devaluation are pushing more people toward crypto as a hedge against inflation and a tool for international transactions.

Bitso’s Next Stop: Brazil

Bitso’s success in Mexico and Argentina sets high expectations for its launch in Brazil:

• Brazil is Latin America’s largest economy, presenting enormous potential for growth.
• The country’s high smartphone penetration and increasing interest in crypto could further boost Bitso’s user base.

Collaborative Insights on Cross-Border Payments

The panel discussion featured notable figures, including:

• Craig DeWitt, Ripple’s Director of Product
• Reed Cataldo, Prysm Group

The conversation explored strategies to leverage crypto for cross-border payments, highlighting Bitso’s pivotal role in reshaping financial services in the region.

Conclusion: Bitso’s Role in Transforming Latin America’s Crypto Landscape

Bitso’s achievement of 1 million users underscores its growing influence in Latin America’s cryptocurrency market. By addressing the region’s demand for cross-border payments and leveraging mobile technology, Bitso has positioned itself as a key player in providing accessible and innovative financial solutions.

With its upcoming expansion to Brazil, Bitso is set to further solidify its leadership in the region, driving broader adoption of cryptocurrency and transforming the financial landscape for millions of people.

To learn more about Bitso’s journey and its impact on Latin America’s financial ecosystem, check out our article on crypto innovation in emerging markets.