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Tuesday, March 28, 2023

Bitso Partners With Addem Capital to Provide Cryptocurrency Investment Instruments in Latam

Bitso Partners With Addem Capital to Provide Cryptocurrency Investment Instruments in Latam – Cryptocurrencies are increasingly being integrated into traditional financial structures around the world, including in Latin America. Bitso, a Latam-based exchange, has announced a partnership with Addem Capital, a Mexican debt fund that helps startups get financing.

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Pedro Cetina, co-founder and managing partner of Addem Capital, commented on the significance of these decentralized finance methods:

“Cryptocurrencies and DeFi protocols have the potential to help Latin America achieve financial inclusion. Our approach is inherently complex, and cryptocurrencies have the potential to transform the way we do business.”

Also Read: Nigerian Blockchain and Crypto Association Introduces a Code of Conduct for VASPs

According to Addem Capital’s vision, cryptocurrencies have the potential to expand the Latin American VC funding market, which reached $15 billion in 2021, according to a joint statement.

Bitso, as a cryptocurrency exchange, will act as a payment gateway, receiving cryptocurrencies from investors and allowing Addem to convert them to fiat currencies when needed. This will make it easier for Addem to complete compliance responsibilities, as the exchange will handle KYC (Know Your Customer) and other relevant procedures.

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Carlos Lovera, Bitso’s business development leader, spoke about Bitso’s vision for the usage of crypto for these purposes:

“We understand the tremendous opportunity that cryptocurrencies present to transform numerous sectors by providing entrepreneurs with faster, simpler, and more transparent access to investment tools and capital, allowing their local development to thrive in a global economy.”

Also Read: Bitfarms Worried About The Fall In Bitcoin Prices Amidst Its Investment Plan in Latam

Even in the midst of the current market downturn, Bitso has launched new yield products that allow customers to get income from their stablecoin and bitcoin deposits, aiming to provide customers with more ways to grow their wealth during these high-inflation times. However, the situation has had an impact on the company, which has laid off 80 of its 600 employees as part of its long-term business strategy.

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