Bitso, a Latin American cryptocurrency exchange, has announced the formal launch of its app in Colombia, allowing residents to begin depositing pesos into their wallets.
With over 4 million members dispersed across Mexico, Brazil, and Argentina, the exchange is now aiming for over 1 million active users in Latin America.
The company first announced its expansion into Colombia in February, when it was actively working on a test program with cash in and cash out activities alongside Banco de Bogota.
The company first announced its entrance into Colombia in February, and is currently working on a trial program with Banco de Bogota for cash in and cash out activities.
Colombian customers will be able to buy Bitcoin, Ether, Solana, ApeCoin, and US dollar-pegged stablecoins including Dai, Tether, and TrueUSD through PSE, Latin America’s most popular online payment system. Users will be able to pay using their bank accounts rather than credit or debit cards.
Latin America’s Biggest Unicorns (Bitso)
After a $250 million funding round last year, Bitso is reportedly worth over $2.2 billion. According to Reuters, Colombia is Bitso’s fourth market and one of the “unicorns” in today’s decentralized business.
The exchange, which was founded in April 2014, was the first Latin American company and one of the first cryptocurrency platforms to be regulated by the Gibraltar Financial Services Commission’s Distributed Ledger Technology Framework. Bitso, one of the largest crypto startups in Latin America, has extended its expansion by providing new yield options for consumers, which are now available to all Bitso users via Bitso+.
“With our launch in Colombia, we want to reach 5 million customers this month,” Bitso co-founder and CEO Daniel Vogel said in a phone interview.
“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 specify the size of the investment in Colombia, despite the fact that the move was sponsored by well-known venture capitalists such as “Cometa, Pantera, Coinbase Ventures, QED Investors, Kaszek, Tiger Global, Coatue, and Bond.”
Vogel also stated that the company is not looking to raise further funds at this time and is instead focusing on building the business.
According to Triple A, the South American country ranks fourth in peer-to-peer (P2P) BTC trade volume. According to estimates, approximately 6.1 percent of Colombians hold digital assets, accounting for approximately 3.1 million people.
“80% of Colombians showed willingness to invest in 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 already carried out transactions using cryptocurrencies,” the report reads.
However, this is not Bitso’s first venture into Colombia; the crypto exchange already assisted Rappi, one of Colombia’s most popular food delivery apps, in launching a crypto payments test program.