Mexico’s Bitso has launched in Colombia

Bitso, a Mexican cryptocurrency exchange platform, has begun operations in Colombia, its fourth region, where it intends to acquire 1 million clients this month, according to co-founder and CEO Daniel Vogel.

Mexico’s Bitso has launched in Colombia

Bitso, a Latin American cryptocurrency exchange, has officially opened its app in Colombia, allowing people to deposit pesos into their wallets via a popular online payment system linked to its main banks.

In February, the firm marked its presence in the South American country, and it has been working on a cash-in and cash-out trial program with Banco de Bogotá. However, the platform’s product is now available to the whole Colombian population.

Bitso will provide consumers with quick transactions via the PSE payment system, cryptocurrency sales such as bitcoin and ether, and access to its new investing platform Bitso+.

In Mexico, Brazil, and Argentina, the marketplace now has 4 million subscribers. We intend to reach 5 million consumers with their launch in Colombia, and they believe we can accomplish so this month, Bitso CEO Daniel Vogel told Reuters by phone.

Vogel stated at a May 17 launch ceremony in Bogotá that the marketplace has been keen in the Colombian market for some time owing to its potential.

Colombia placed 11th in Chainalysis’ recent international cryptocurrency adoption index list, and Vogel stated in a news release that an estimated $70 billion in cryptocurrency is being exchanged here each month. Buda.com, Binance, and Ripio are among more exchanges with a strong base in Colombia.

Despite this, the platform is launching in Colombia barely a week after one of the most tumultuous weeks in crypto history, in a nation where many people are still inexperienced with digital assets. Unsurprisingly, many throughout Latin America have questions.

A Stanford University economist and systems engineer, Vogel has ruled out more financing rounds for Bitso shortly. Thus far, Bitso has received investments from funds including Cometa, Pantera, Coinbase Ventures, QED Investors, Kaszek, Tiger Global, Coatue, and Bond.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Jai

CoinCu News