Mexican crypto exchange Bitso reaches more than 1 mln users in Brazil – Reuters

Mexican crypto exchange Bitso reaches more than 1 mln users in Brazil – Reuters

Blockchain Crypto Market Technology
July 26, 2022 by Coinvasity
20
Representations of Bitcoin cryptocurrency are seen over Brazilian Real notes in this illustration picture taken May 25, 2021. REUTERS/Ricardo Moraes/IllustrationSAO PAULO, July 25 (Reuters) – Mexican cryptocurrency exchange Bitso has hit the one million users mark in Brazil about a year after it launched in the country, according to the company's Brazil chief."We beat 1
wp-header-logo-326.png

Representations of Bitcoin cryptocurrency are seen over Brazilian Real notes in this illustration picture taken May 25, 2021. REUTERS/Ricardo Moraes/Illustration
SAO PAULO, July 25 (Reuters) – Mexican cryptocurrency exchange Bitso has hit the one million users mark in Brazil about a year after it launched in the country, according to the company's Brazil chief.
"We beat 1 million users in Brazil earlier than expected, and our transaction volumes grew by 66% in June from May," Thales Freitas told Reuters in an interview.
He did not provide detailed figures, but said that July readings have already exceeded the previous month despite the recent downturn seen across most major crypto currencies.
Founded in 2014 and headquartered in Mexico, Bitso raised $250 million in a funding round in May 2021, which valued the platform at $2.2 billion ahead of its debut in Brazil. read more
Freitas, a former executive at Citi and HSBC, took over in Bitso's second largest market, Brazil, three months ago with the mission of leading the company through an increasingly adverse scenario of intense asset volatility and higher interest rates.
To overcome these hurdles, Bitso has boosted its incentive program, offering returns of up to 15% per year in stablecoins, digital currencies pegged to traditional assets such as the U.S. dollar.
"Brazilian investors love fixed income, and stablecoins are a good way to diversify," Freitas said.
Bitso is currently awaiting central bank approval of its application for a payment institution license in Brazil, where it currently operates in partnership with lenders Banco Genial and Starkbank.
The so-called "crypto winter" has led some foreign companies to collapse in the wake of a sharp devaluation of digital currencies.
Nonetheless, Bitso now faces fresh competition on its home turf after SoftBank-backed Brazilian crypto exchange Mercado Bitcoin announced last week it was planning on entering the Mexican market read more
Our Standards: The Thomson Reuters Trust Principles.
French software maker Dassault Systemes on Tuesday raised its annual forecasts after reporting second-quarter revenue above analysts' expectations driven by its industrial business.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source

Add a comment