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Argentine crypto exchange, Bitex, expands into Chile

Contxto – More good news for fintech and cryptocurrencies in Argentina. One of the country’s leading exchanges, Bitex, just started operations in Chile for some good old fashioned regional expansion.  

In Summary

Under the banner “the impossible became simple,” Bitex is a financial service organization headquartered in The Netherlands but operating in Latin America.

Although it’s a crypto exchange where users can trade bitcoin, it also provides B2B support to institutions seeking to leverage blockchain technology. Bitcoin liquidity for international transfers is another service Bitex offers.

Along with Paraguay and Uruguay, Bitex chose to invest in Chile due to its liberal economic model conducive to financial innovations. This decision was made despite recent allegations that Chile is the “most backward country when it comes to regulating financial technology ventures.”

“In a country with open borders to conduct business, we need solutions that facilitate transactions and that is what we aim for at Bitex,” said Pablo Da Rold, commercial manager for Bitex.

In-Depth

Bitex began in 2014 aiming to develop Latin America’s crypto market. Since then, it has created an effective trading platform that over 300 international companies use to process payments. More than 53,000 customers have also utilized one of Bitex’s five programs. These include:

Concierge: This method allows users to send money in a matter of seconds, all from a single domestic wire.

Exchange: Buy or sell bitcoins without any hassle on this straightforward trading platform available 24/7.

Boutique: If you’re looking to purchase large quantities of bitcoins through a reliable trader, then look no further.

Payments: Businesses can avoid fraud or heavy processing fees by using this program to charge their customers worldwide.

API (Application Programming Interface): Last but not least, this service gives businesses real-time tools to access public market data, exchange rates, asset management, plus various other features.

At the end of the day, Bitex hopes to increase clientele by 15 percent in Chile. Another ambition is to process around US$10 million this year.

Conclusion

Compared to its neighbors, Argentina seems to be taking blockchain technology the most seriously in Latin America with Bitex leading the pack. The firm recently collaborated with Alto Viaje to introduce the SUBE card initiative. Following this, citizens can pay for public transportation using bitcoin funds.

What’s even more interesting in Argentina is the possibility of bitcoins replacing the peso due to devaluation against the U.S. dollar. Recently, a venture capitalist from the United States, Tim Draper, met with President Mauricio Macri to discuss this possibility.

With this, I can only imagine what other Argentine startups are going to propose to curb spiking prices and inflation. On top of this, many Argentinians are leaving the country for better economic opportunities. Resulting from this has been a major brain drain (i.e. loss of intellectual capital).

Fortunately, there’s hope in Argentina and elsewhere in Latin America with various Fintech solutions. Check out our Market Map to see for yourself.

-JA

Jacob Atkins
Jacob Atkins is a journalist specializing in Latin America. He studied journalism and international relations at American University in Washington, D.C. and has previously reported from Chile, Ecuador, Haiti and Mexico. When he isn't writing he's most likely hiking or drawing.

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