Despite analysts’ forecasts and the adverse scenario that cryptocurrencies have been going through since November 2021, BITSO, the Fintech specialized in the purchase, sale and exchange of cryptoassets, reached the figure of 6 million active users in Mexico. This means a doubling of its numbers in just one year.
This is thanks to the growing interest of people in the use of cryptoassets, according to blockchain analysis firm Chainalysis. For its part, BITSO pointed out that this has been the period where its users have grown the most, since its entry into the Mexican market in 2014.
“We are proud to see the role Bitso is playing in Latin America with the development of new crypto-based products tailored to our clients’ needs; such as payments, yields and inflation backing,” stated Santiago Alvarado, the firm’s VP of Product.
As of the publication of this note, Latin America is the seventh largest region in cryptocurrency adoption, according to the Global Cryptocurrency Adoption Index 2022 and has received $562 billion in cryptocurrencies from July 2021 to June 2022, an increase of 40% annually.
Chaynalisis suggests that one of the reasons for the increasing adoption of cryptocurrencies in Mexico is due to the use of cryptocurrencies for remittances, which have become one of the reasons for their adoption.
In 2019 BITSO began its expansion by starting operations in Brazil and Argentina, but in May 2022 it also entered the Colombian market.
