Bitex.la, a bitcoin/litecoin exchange based in Buenos Aires, has officially announced the launch of the first exchange in Latin America.
Bitex.la, a real-time bitcoin and litecoin exchange based in Buenos Aires, has officially launched with $2 million in investments and is looking forward to provide an internationally competitive bitcoin trading platform to Latin America.
During the company’s soft launch in March, company made an introduction to a wider area in Latin America that it plans to target. Bitex.la exchange mentions that it aims to expand to more countries, it has already gathered customers in Colombia, Mexico, Spain and the US.
Moreover, the exchange will also be operating in its home market – Argentina, where exists a developing bitcoin ecosystem that could prove to become an integral support for the industry.
Francisco Buero, the chief operating officer of the exchange, said that the company will be aimed to become a trusted digital currency trading and banking alternative to the already strong local market.
“We’re going to [be] launching a trading API in the following months, and we’re investigating and trying to set up better ways for people to fund their accounts, so most of the money is going to go to new markets in Latin America,” Mr. Buero mentioned.
The mission of Bitex.la is supported with a $2 million investment from an investment company in UK.
Taking into the account the fact, that just now major Latin American markets are paying attention to bitcoin, Bitex.la is trying to reduce the risk it faces by being one of the first on the market. Central Bank of Argentina issued a warning to local investors of the risks in using digital currency.
Therefore, the exchange is operating in Buenos Aires and also incorporating in Netherlands in order to secure itself, Mr. Buero explained:
“Latin America doesn’t have a clear picture about how to regulate bitcoin. It’s not as safe or convenient to set up a [bitcoin] business in Latin America. We don’t want to be a victim to the whims of all the regulators in these countries yet.”
Bitex.la hopes to negotiate the existing regulations in both markets differently.
Emphasizing user experience
Mr. Buero noted that Bitex.la is currently willing to work with payment processor AstroPay, which would make it possible for the exchange to streamline how the users will interact with its website. Furthermore, Bitex.la has plans to work with such providers as Western Union and MoneyGram.
But the company is still experiencing banking problems:
“Right now, the main funding option that people are using is international bank transfer. We are offering OKPay through AstroPay, which in turn goes through Egopay. It’s a very cumbersome process, people are not actually using that since it takes so much time to get the money to us, so they’re just using bank transfer.”
Buero believes that with the use of AstroPay, the process will be more simple: ”We will offer you a button that says ‘Fund through AstroPay’. Then, you can set the amount and your payment method.”
The company is also trying to secure its customer funds and signifies that it will use technological standards such as SSL and AES-256 cryptographic encryption Moreover, all the deposits will be held in cold storage.
Furthermore, it became easier for new users to enroll. First an ID should be uploaded to the website, then the photo is validated to meet the required standards, and after that the customer can fund their accounts.
Buero admits the challenge of creating awareness around his company and adds that Bitex.la is using Google and Facebook to target its customers.
Francisco Buero says:
“We are going after those guys one by one and that’s how we’re building most of our exchange’s volume right now.”
Such an approach can be successful, due to volatile local currency could make bitcoin an everyday payment option.
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Konstantin has always been at the forefront of the global virtual currency scene since first discovering cryptocurrencies the same year that Satoshi Nakomoto created bitcoin in 2009. Konstantin is the owner of a number of small businesses in trucking and mobile development, and co-founded CoinSpeaker in 2014. He graduated from Belarusian State University in 2009 with a degree in Mathematics and Mechanics. You can contact Konstantin via [email protected]
Mike Novogratz’s Galaxy Digital Announces Acquisition of Crypto Custodian BitGo
12 hours ago
May 5, 2021
In a major development, crypto investment management and financial services provider Galaxy Digital Holdings announced the acquisition of popular and leading crypto custodian BitGo. This acquisition adds a feather to the cap of Galaxy Digital that seeks to offer a full-service platform for institutional players. Earlier we’ve already reported that there were such rumors. And […]
In a major development, crypto investment management and financial services provider Galaxy Digital Holdings announced the acquisition of popular and leading crypto custodian BitGo. This acquisition adds a feather to the cap of Galaxy Digital that seeks to offer a full-service platform for institutional players.
Earlier we’ve already reported that there were such rumors. And now they have got confirmed.
Speaking about the acquisition, Wall Street veteran and Galaxy Digital founder Mike Novogratz said:
“The acquisition of BitGo establishes Galaxy Digital as a one-stop-shop for institutions and significantly accelerates our mission to institutionalize digital asset ecosystems and blockchain technology. The power of the technology, solutions, and people we will have as a result of this acquisition will unlock unique value for our clients and drive long-term growth for our combined business. We are excited to welcome Mike Belshe and the talented BitGo team to Galaxy Digital.”
The article will be updated with new information soon.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Dogecoin Price Jumps Ahead More Than Half a Dollar
1 day ago
May 4, 2021
Within the past 24 hours, we have seen Dogecoin (DOGE) jump ahead and grow over 30% in price. With DOGE climbing the crypto ladder at a rapid pace, in the early hours of Tuesday, the coin price reached a new milestone and crossed the $0.50 barrier.
The value of Dogecoin was $0.389421 and reached $0.541900 overnight–a 39% increase in price. As Dogecoin continues to grow in the crypto market, the digital currency has taken observers by surprise who have mocked and joked about coin–an intention by the creator himself. Despite the ongoing jokes, Dogecoin has had the last laugh so far, as it turns out to be one of the most profitable jokes in the crypto realm, as evidenced by the phenomenal surge in just 4 months.
Taking a quick look at how far Dogecoin has progressed since Jan 1, 2021, the coin valued at less than one cent at the time. Now, approaching May 2021, the coin has grown 10,922% and sits at just over half a dollar. However, this rapid turn of events for Dogecoin also points to the coin’s 50% price drop back in mid-April–both signaling to investors to be aware of the quick changes in the crypto market. Influencers also have the ability to alter the market as we observed earlier this year, in February. Elon Musk shared his thoughts on the crypto coin on his social media platform, which reduced almost 25% of Dogecoin’s growth within a few hours.
Dogecoin Popularity Surpasses Tether (USDT)
With Dogecoin’s current market capitalization of more than $52 billion, the cryptocurrency company has surpassed Tether (USDT), Twitter, and U.S. car manufacturer Ford. AssetDash’s data suggests that Dogecoin’s empire is an estimated $52.5 billion, which is $400 million higher than that of Tether as it is currently sitting at $52 billion. Ford’s market value is approximately $45.1 billion whereas Twitter is sitting at $43.1 billion.
There has been speculation that the coin surged because of Elon Musk’s upcoming appearance on Saturday Night Live as a guest host.
To learn more about Dogecoin’s previous successes this year, click here.
Tether Zips Past $50B and Heats Up the Crypto Market
2 days ago
May 3, 2021
Tether (USDT), the world’s largest stablecoin, just reached a market capitalization of $50 billion at the end of April 2021. A definitive sign that the cryptocurrency bull market is warming up, the Tether supply has grown by more than a factor of 10 over the last 12 months. Calculating the breakdown, that roughly accounts for 25% growth in the span of a month.
CTO of Tether Paolo Ardoino, has commented on this success stating, “Crossing a market cap of US$50 billion represents an incredibly important milestone for Tether.” Furthermore, he acknowledged that the success of Tether was a blueprint for a future in the banking system and as a Central Bank Digital Currency. Tether has gained recognition for its pivotal role for the future of digital currency. As the first stablecoin in the cryptocurrency industry, USDT holds a unique position as it is currently the most liquid and often used dollar-pegged token on the market. Additionally, USDT remains one of the top quoted currencies for Bitcoin and Ether trading pairs.
Last month, USDT made up approximately 66.1% of the overall stablecoin market. In comparison, the USD Coin (USDC) is the second-largest stablecoin and is worth just under $11 billion. There has been some conversation and concerns in the crypto community regarding Tether and speculation about its reserves. However, Tether was quick to put concerns to a rest and an assurance report from Cayman Islands-based Moore Cayman provided confirmation that USDT tokens are, in fact, fully backed by reserves.
Not too long ago, Tether had settled an $18.5 million fine with the Office of the New York Attorney General. Allegedly, Tether had misrepresented the degree to which the USDT coins were backed by fiat collateral. Fiat-backed currency is government-issued or government-supported currency. As such, Tether agreed to produce periodic filings, which now proves its reserve status. Thus, the assurance report comes a month after the settlement agreement.
For more information on cryptocurrency growth and upcoming opportunities, click here.
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