Bitso expands in Latin America and arrives in Colombia to promote the use of cryptocurrencies

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Bitso expands in Latin America and arrives in Colombia to promote the use of cryptocurrencies

This is its fourth market in which it expects to raise a million customers this month, announced the company’s co-founder and president, Daniel Vogel.

The so-called Mexican technological “unicorn” has an absolute valuation of 2,200 million dollars and last year it raised 250 million dollars in an investment round.

Bitso will offer the instant transfer service online through the PSE system, in addition to allowing the sale of cryptocurrencies such as Bitcoin and ether, among others, as well as its new Bitso+ product, which generates returns through the platform.

The company currently has some four million customers in Mexico, Brazil and Argentina. “We see Colombia as a key market for us, where we are reaching with this expansion plan from the point of view of our products, hiring people and growth in the country, it is a very dynamic market in terms of cryptocurrencies,” he explained.

According to the report “Chainalysis Cryptocurrency Geography for 2021”the value of cryptocurrencies received by Latin America was 352.8 billion dollars between July 2020 and June 2021.

Latin America represents approximately 9% of global transactional activity, figure that only shows a small portion of the potential that the region may have in terms of cryptocurrency adoption.

The Chainalysis study positioned Colombia as the third country with the highest adoption of crypto in the region and eleventh in the world.

Colombia also gave impetus to a pilot project created by the Financial Superintendence of Colombia (“SFC”), in which the authority developed a joint test space in terms of cryptocurrencies between the digital ecosystem and the National Government. This project led Bitso to put a strong focus on this country as well, being part of the pilot test and this Thursday, it announced the formal start of operations in Colombia.

“We are extremely proud to be able to expand our operations and offer our services to all Colombians,” expressed the CEO and co-founder of Bitso. “Currently, approximately 70,000 million dollars a month in crypto are traded in Colombia, which shows the great acceleration that this market has had in recent years, and the need to diversify financial options. Bitso arrives in the country with the aim of accompany all Colombians on their way to digitization and financial inclusion, and to become a market leader in 2022”Vogel added.

The opening of the Colombian market adds to various initiatives carried out by Bitso in the region and in Argentina to help the inclusion and financial freedom of the region in the last year, including the recently launched Bitso+, which allows current and new customers to earn up to 15% per year in USD stablecoins in their Bitso wallet and up to 6% per year in Bitcoin, with no additional fees or withdrawal lockouts.

Vogel, an economist and systems engineer at Stanford University, ruled out further rounds of investment in the immediate future for the company, which has 600 employees. “We are very focused on continuing to grow this business, but at this time there is no need to raise capital,” Vogel concluded.

Bitso currently has investments from the funds Cometa, Pantera, Coinbase Ventures, QED Investors and Kaszek, Tiger Global, Coatue and Bond.

For its part, a key factor that is giving more certainty to Latin American users of cryptocurrencies is the regulatory advances in the matter, since in this way user funds can be secured in this relatively new financial technology. Bitso is the first and only Latin American company to be regulated by international authorities; has the Distributed Ledger Technology License, granted by the Gibraltar Financial Services Commission, which requires the adoption of the highest international standards in cybersecurity, PLD/CFT and fund protection for all its clients.

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