Buenbit, an Argentine crypto exchange, launched a consumer-focused crypto trading app in Peru this week, aiming to provide residents with more options for saving and investing in light of recent increases in inflation.
“Over time, we hope to establish ourselves as a successful fintech in the same way that Argentina has, and to be among the most-used platforms in the country,” Buenbit CEO Federico Ogue stated in a press release.
Peruvians can trade the following cryptocurrencies via the mobile app, which is available for iOS and Android: BTC, ETH, DAI, ADA, MATIC, SOL, DOT, and BNB. Transfers to local bank accounts in Peru are supported by the app, which accepts both US dollars and the Peruvian Sol. Buenbit also claims that 95 percent of its funds are held in cold wallets.
Buenbit, which was founded in 2018, announced in June that it had raised $11 million in a Series A funding round led by Libertus Capital of London. It serves approximately 470,000 customers in Argentina and Peru.
The exchange first entered the Peruvian market in May with the launch of its Buenbit PRO trading platform for over-the-counter (OTC) trading businesses. That product was initially available with support for BTC, ETH, and DAI.
Buenbit intends to continue expanding into Latin America’s most important fintech markets, such as Mexico, Brazil, and Colombia. In a recent interview with the Block, Ogue stated that the exchange hopes to close a significant Series B funding round with new investors by the end of the year.
Buenbit is hoping that, given the country’s current economic situation, Peruvians will turn to cryptocurrencies. According to Peru’s national statistics institute (INEI for short), the country experienced 5.23 percent inflation between October 2020 and September 2021, the highest annual rate in more than 12 years, according to Lima-based newspaper El Comercio.
Meanwhile, price increases have plagued the rest of Latin America since the COVID-19 pandemic began.
Buenbit has found success in Argentina, where the volatile peso currency and restrictions on obtaining dollars make alternative methods of saving and investing appealing. As a result, Buenbit has diversified its products in Argentina, such as a prepaid Mastercard that can be loaded with Argentine pesos purchased with cryptocurrency through a single app.