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The most important Latin American exchange Bitso now has a presence in Colombia

Bitso, which began in Mexico in 2014, is currently available in Argentina, Brazil, El Salvador, and Colombia.

Bitso, a leading Latin American bitcoin exchange and El Salvador’s cryptocurrency wallet helper service, has officially launched in Colombia.

The exchange has engaged former Mastercard executive Emilio Pardo as new national manager as part of Bitso’s development strategy in Colombia.

Pardo was previously the Andean Region’s head of business development at Mastercard, where he focused on fintech concerns such as instant and cross-border financial transactions, as well as open banking. He will now be in charge of building Bitso’s strategy in Colombia, with an emphasis on Bitso’s strategic essentials like as education and security, in order to enhance local crypto acceptance and financial inclusion.

Latin America, according to Pardo, is currently experiencing one of the most pivotal periods in the acceptance of cryptocurrencies, and Colombia is no exception. He stated that expanding crypto acceptance will assist Colombia’s financial ecosystem as well as educate and meet the requirements of our consumers and fellow citizens.

Bitso’s operations in Colombia are supervised by the Superintendencia Financiera de Colombia, or SFC, a key local financial regulator. The SFC granted Bitso authorization to operate within la Arenera, the regulatory framework of its sandbox and crypto pilot programme, in late 2021, according to the release.

In 2021, Bitso began partnering with Colombia’s first commercial bank, Banco de Bogotá, to test the exchange’s products and services under this framework.

“As an end-to-end regulated cryptocurrency platform, we can ensure that Colombia is at the forefront of innovation and regulation,” Pardo added. He went on to say that the crypto exchange is putting its products through their paces under a regulatory framework that considers the entire financial services ecosystem, including banks, exchanges, regulators, and end users.

Bitso, a Mexican crypto exchange founded in 2014, is one of the largest in Latin America, allowing users to buy and sell cryptocurrencies such as Bitcoin. In recent years, the exchange has grown dramatically, moving to Argentina in February 2020 and subsequently to Brazil in April 2021.

El Salvador, which recognised Bitcoin as legal cash in September 2021, also has a presence on the exchange. At launch, Bitso worked with Silvergate to make US dollar transactions possible for El Salvador’s official Bitcoin (BTC) wallet, Chivo wallet.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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