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The crypto exchange shared that it has reached 3 million users in Latam. It took 6 years for Bitso to reach its first million customers, 10 months for the 2-million milestone, and just 5 months to get to 3 million.
The increased popularity of the platform in the last few months comes after Bitcoin was declared legal tender in El Salvador. The bill known as “Bitcoin Law” (Ley Bitcoin), championed by young president Nayib Bukele, was passed last June.
A few days ago, Bitso announced it will be the main service provider for Chivo, the digital wallet created by the Salvadorean government.
Although this app has been criticized by many users and people who oppose the Bitcoin Law, Chivo reached 1.6 million users just two weeks after its launch on Sept. 7th.
Bitso is just the tech provider for this wallet, but what the company has done in El Salvador has increased its visibility in the rest of Latam.
Crypto revolution in Latam
Aside from its operations in Mexico, Bitso also has offices in Argentina and Brazil. The Colombian government granted the company a license to operate cryptocurrencies in 2019. However, Bitso hasn’t officially launched as a service in that country.
In 2020, Bitso processed more than $1 billion in international payments, including remittances and payments between companies. The company reached a $2.2 billion valuation recently. Last May, it received $250 million in a Series C investment round led by Tiger Global and Coatue Management.
Bitso is seeking to increase its footprint in the rest of Latam. The recurring currency devaluation in several regional economies helps to explain why their populations are eager to adopt or experiment with cryptocurrencies.
These digital assets do not respond to monetary policies. Instead, their market performance is dictated by a sophisticated, decentralized digital system. This makes them an alternative to the traditional financial system.
High yields and quick returns have also made crypto investing popular.
Since they appeared in 2009, cryptocurrencies have increased their popularity, mostly in recent years. Today, the crypto market is worth $1 trillion, according to CoinMarketCap.
Close to 70 million people worldwide own crypto, according to the number of wallets reported by Blockchain.com. One of the countries with the highest use of crypto is Peru. In a survey, Statista found that 16% of the respondents in that country were either willing to buy crypto or they already owned some.