Bitso, the largest digital currency platform in Latin America that doubles as Ripple’s On-Demand Liquidity (ODL) partner has recently announced its international expansion into Argentina.
Bitso is a Mexico-based cryptocurrency exchange and one of the first Latin American platforms to secure an international license to operate cryptocurrencies.
As preplanned by Bitso according to the report, the expansion into the region will enable the exchange to provide a technological platform that will enhance access to Bitcoin, XRP and other digital currencies for a means for the users to leverage the benefit of its technology.
Meanwhile, Bitso exchange has been performing wonderfully well in terms of cross-border remittances between the United States and Mexico with the same technology it’s introducing into its new international expansion.
The Co-Founder of Bitso, Pablo González averred that the expansion is strategic due to the fact that Argentina is one of the countries that have the largest cryptocurrency communities in the world.
He said, “In other countries we detect a use more linked to speculation with currencies; while in Argentina, we see that this function will be tied with the reserve of value and other use cases, such as trade and immediate international transfers.”
The report stated further that the expansion will give Argentine users the enablement to withdraw and deposit Argentine pesos directly from their respective bank accounts. Buy and selling of cryptocurrencies with the country’s national currency will also be possible.
Users in Argentina can also send digital currencies such as XRP, Bitcoin and others easily, securely, instantly, and free of charge to Bitso users in Mexico via Bitso transfer.
The Bitso Community Development Manager, Nora Palladino shared the following:
“For this to be possible, it was essential to have the maturity of the Argentine banking system and the high development of its fintech ecosystem, elements that have been key to start our operations successfully, since they allow us to be connected with the Argentine banking system, as we do today in Mexico.”