The maximum number of people are aware of cryptocurrencies. Bitso is one of the biggest cryptocurrency in Latin America. Bitso has hit more than one million uses before its upcoming launch in Brazil. According to Alvarado, Bitso has reached 1 million users last week, which is a significant milestone. Alvarado also revealed that Bitso is about to enter in Brazil. Previously, Bitso was already on top of the crypto market of Mexico and Argentina.
Bitso is one of the largest crypto trading platforms in Mexico. Bitso is operating since 2014, and it is the first crypto exchange currency of Mexico. After the unbeaten run in Argentina, Alvarado noted that Bitso is the biggest crypto exchange in the country. Bitso started in Argentina in February 2020 and covered a large market.
According to the news of the executives, the extraordinary cryptocurrency e activities are connected with the Bitso’s profit. Also, the demand for payment for the cross border in the local market is increased.
“Argentina has an extensive crypto community and a huge freelance user base,” these are the words of Alvarado. He also suggested that the adaptation of cryptocurrency in Latin America as a result of increasing development on the rapid growth of smartphone ownership. According to an informal survey, about 50 to 60% population of Latin America have bank accounts where is almost 80% of them have smartphones. Alvarado also suggests that targeting people with mobile phones is the primary factor in enabling a “huge innovation in terms of delivering financial services.”
On the 7th of July 2020, the trade of 92 Bitcoins in the local market of Argentina was traded. This was the most significant amount ever sold in Argentina since 2016. According to the data, this was the most considerable amount ever traded it against any Bitcoin (BTC).
The fourth-biggest cryptocurrency in the market, namely Ripple, was the early partner of Bitso. The major US companies of a cryptocurrency exchange that is Coinbase and Ripple invested a significant amount in Bitso to help it expand in Argentina and Brazil. But the company spent its money e in Bitso in October 2019.