Mexico’s geographic location, its proximity to the US, its population of about 130 million people, vibrant economy and trillions in cross-border transfers (remittances) are key factors making Mexico a very exciting investment in the cryptocurrency market. The benefits to traders or exchanges like Bitso and customers can be significant.
Regarded as the first Mexican cryptocurrency exchange, Bitso is a specialist in providing pesos ( Mexican currency) for fiat-crypto exchange. According to President of Bitso, Pablo Gonzalez: “A technology like Bitcoin is the most efficient way to move value in an international way without borders” transforming the future of money, “the money we use every day will never be the same.” The company expects it will represent more than 800,000 users of cryptocurrencies in the near future and users of the Bitso exchange will trade in 17 markets. According to Coinmarketcap, Bitso’s trade volume is around 11 million US Dollars.
Bitso was established on April 7, 2014 by Pablo González, José Rodríguez and Daniel Vogel, president and co-founder. Bitso is a platform where you can make movements such as Bitcoins, receive, send, change, sell etc. Customers can finance a Bitso account in pesos in just 4 hours, make transfers to cell phones, transfers to debit accounts, withdraw money to customers bank account in a very simple way and with a very small commission. It also manages cryptocurrencies such as Bitcoin, Ether, Ripple, Litecoin, Bitcoin cash, True USD, Basic Attention, Golem and Decentralan that can be exchanged in 17 markets.
The company also made headlines mid last year for participating in what it considered providing greater security to its users. On August 1, 2019, the company was regulated under the European protocols of great trust and was supported by the Regulatory Framework License for Distributed Ledger Technology (DLT) of the Gibraltar Financial Services Commission ( GFSC) one of the most advanced global jurisdictions in the field of crypto regulation, mentioning that the DLT stores and transmits value to third parties. This regulation raised Bitso to the advance level in its quality controls in the service and trade of cryptocurrencies, obtaining a better interaction with the clients, offering them honesty and greater satisfaction.
The GFSC license is a benefit that gives Bitso customers the opportunity to offer high levels of trust and security, handling and custody of their money / cryptocurrencies respectively, as they are well-established guidelines for the safety of funds that provide excellent management of domestic and international finances.
With this license, the company has gone up another level and rapidly established itself as one of Latin America and the world’s leading proponents of financial innovation, becoming Latin America’s first exchange and the sixth business worldwide.
There are 9 principles that have the Regulatory Framework for Distributed Ledger Technology (DLT) Registration in this link that can be specifically observe each one: www.gfsc.gi/dlt
In December 2017, the Bitso director Eduardo Arenas revealed a new commercial platform ”Bitso Alpha” innovation, expression, infusion, so that users had a great experience of use in the manifesto of motto: empower people with their money and thus freeing the world from traditional banking ”. Eduardo further added that being at Bitso, opportunity for the merchant community to be more complete by opening up endless possibilities, it’s much easier, it’s very technical, it has the resources users need in their hands to feel control and power to make decisions about movements.
Despite Bitso’s some negative comments (online)! Let’s see the key factors before the reader decides for themselves.
– It is a platform that connects the traditional economy with the modern digital vanguard.
– Bitso is the first platform regulated by LATAM
– They were promoters in the creation of the Law to Regulate Financial Technology Institutions (Fintech Law), a company that operates in terms of the eighth transitory article of the Fintech Law.
– It has more than 750 thousand users and increasing signals.
– They have renewed their logo by creating their versatile typeface, which adapts to any screen or printed form defended by innovation and the right to use new technologies for users.
– Each of the cryptocurrencies has its own color in Bitso being its objective making them easier to adopt, use and understand.
– The inspiration for its isotype was the proportion of gold that reflects a mix between harmony and trust.
– It is now the leading platform in Mexico.
The use of cryptocurrency is emerging strongly in latin America. Reasons could be a lot of uncertainty in political, financial markets and diversification of remittance markets. Crypto can be defined as a risk averse tool in these markets. According to the New York times, Mexico’s central bank reported 36 Billion remittances in the year 2019. Electronic transactions have replaced cash and money orders in large part as the most popular method of sending money.
*Disclaimer: Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available cryptocurrency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.