The savings opportunities with stablecoins that Bitso offers also have something to do with this growth.
Some of these stablecoins are pegged to the dollar, the euro, and even gold.
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Bitso, the cryptocurrency-based financial services company, celebrates its first anniversary in Colombia with growth many times larger than the size of its customers. On the occasion of this first year, the company decided to publish a report on the results of its expansion in the Colombian country.
According to the said statement, the company is managed to increase the number of its individual customers – retailers – in the country tenfold. In addition, it has managed to diversify the range of products and services, including solutions for companies and institutions.
As mentioned in the statement, Bitso came to Colombia in May 2022 with the aim of providing wealth and savings options without volatility via stable currencies Tether (USDT), Pax-Gold (PAXG) and Euro Coin (EUROG).
It is a type of cryptocurrency They maintain 1:1 parity with fiduciary currencies like the dollar, the euro and with assets like goldwhich can also be exchanged for Colombian pesos via Bitso.
Bitso’s exploits in Colombia
Milestones Bitso highlighted in his first year in Colombia include:
- The listing of cryptocurrencies such as ATOM, AVAX and fan tokens, which give the right to participate in decisions related to sports teams.
- A commitment to promote the cryptocurrency regulatory law in Colombia and to participate in the regulatory discussion.
- The implementation of a solvency test to make the assets and liabilities of its users transparent, using the “Zero Knowledge Test” technology (Zero-knowledge proof).
- According to Bitso, the user satisfaction rate is over 95% and provides 24/7 humanized customer service.
“The growth and adoption of crypto assets by Colombians is a clear example of the potential that the country has in the mass expansion of these assets and of an effective alternative to financial inclusion.” We have been working on this every day since we arrived in Colombia to create a reliable, secure and transparent proposal based on the highest security and regulatory standards on a global scale.”
Emilio Pardo, Country Manager of Bitso in Colombia.
Bitso is a company founded in Mexico in 2014, which is becoming increasingly important in the Latin American cryptocurrency market. According to the data, Bitso has more than 7 million users and offers the possibility to buy and sell 50 cryptocurrenciesincluding bitcoin, digital dollars and stablecoins.
Bitso believes that it is making a major contribution to the expansion of formal financial services on Colombian territory. With the advent of financial digitization, a niche Bitso belongs to, it is estimated that this is the case Up to 92.1% of Colombians have access to such a formal financial service.