Latin America is experiencing Crypto Boom, Bitso hit 1 million users

Latin America is experiencing Crypto Boom, Bitso hit 1 million users

In a recent discussion on July 8, Santiago Alvarado, director of cross-border payments at Bitso, revealed that the company had reached a significant milestone.

The discussion focused on “Leveraging Crypto for Cross Border Payments in LATAM” and was also attended by Craig DeWitt, director of product Ripple, along with Reed Cataldo, Founding Partner of Prysm Group.

Santiago said Bitso had reached 1 million users in the market last week, and mainly conquered Argentina. As the company has surpassed both the Mexican and Argentine cryptocurrency markets, it plans to enter Brazil, Santiago added.

Bitso along with Ripple and Coinbase, managed to subdue the Latin crypto market in just 6 months since its launch

Current statistics are only the result of demand for cross-border payments in the country. As we also stated in a previous article, Bárbara González Briseño said, “There are millions of migrant workers in the U.S. who send money back to Mexico, ”. The same is happening all over Latin America.

Alvarado also notes that this rapid uptake of cryptocurrencies in Latin America is also due to increased demand for smartphones.

In Latin America, about 50% or 60% of the population have bank accounts, but almost 80% have smartphones,

and this is one of the main factors that allows for huge innovation in the provision of financial services, he added.

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