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Latin American cryptocurrency exchange Bitso revealed it has actually officially launched its app in Colombia, which will enable residents to start loading their pesos into their wallets.
With over 4 million users spread out across Mexico, Brazil, and Argentina, the exchange is now targeting over 1 million active users in the Latin American nation.
In February, the business initially revealed its expansion into Colombia, working actively on its pilot program with cash in and cash-out operations with Banco de Bogota.
Through the Latin America’s popular online payment system PSE, Colombian users will have the ability to buy assets including Bitcoin, Ether, Solana, ApeCoin, and U.S. dollar-pegged stablecoins such as Dai, Tether, and TrueUSD. This will enable users to pay from their bank accounts without utilizing any credit or debit cards.
Bitso: Latin America’s greatest unicorns
Valued at $1 billion, Bitso is supposedly worth around $2.2 billion after a $250 million funding round last year. Colombia is Bitso’s fourth market and considered one of the “unicorns” in today’s decentralized market, according to Reuters.
Founded in April 2014, the exchange was the very first Latin American firm and one of the very first crypto platforms to be regulated by the Gibraltar Financial Services Commission’s Distributed Ledger Technology Structure. As one of the biggest crypto unicorns in Latam, Bitso has continued its growth after presenting brand-new yield services for customers, now available to all Bitso users through Bitso+.
” With our launch in Colombia we hope to hit 5 million customers and we think we can do that this month,” Bitso co-founder and CEO Daniel Vogel informed Reuters in a call.
” We see Colombia as a key market for us, which we are entering with this expansion plan from the point of view of our products, hiring people (and) growing in the country– it is a very dynamic market in terms of cryptocurrencies,” he added.
However, the CEO did not disclose the quantity of the investment in Colombia, while known investor consisting of “Cometa, Pantera, Coinbase Ventures, QED Investors, Kaszek, Tiger Global, Coatue, and Bond” have actually moneyed the relocation.
Vogel likewise included that the business is not aiming to raise more cash at the moment and is focused on growing the business.
The rise of Columbia
The South American country is ranked fourth for peer-to-peer (P2P) BTC trading volume, according to Triple A. Per the estimation, around 6.1 percent of Colombians own digital assets that represent roughly 3.1 million people.
“80% of Colombians showed willingness to purchase cryptocurrencies while more than half of Colombians aged 25 to 40 have already invested or expressed interest in buying cryptocurrencies. A third of Colombian crypto-owners had actually currently performed deals utilizing cryptocurrencies,” the report reads.
Yet, this is not Bitso’s first operation in Colombia, as the crypto exchange formerly helped one of the country’s most utilized food shipment apps– Rappi, to launch a crypto payments pilot program.