Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Brazil’s largest cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. will start providing services in Mexico by the second half of 2022.
- Bitcoin Market will start operations in Mexico this 2022.
- The entry is part of an acquisition agreement in that country.
- The exchange had already advanced plans to expand in Latin America.
Brazil’s largest digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset exchange, Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. Marketplace plans to accelerate its expansion plans to reach Mexico this year. This is how advanced its CEO, Reinaldo Rabelo, to the news agency Reuters .
According to the report, the platform a place to buy, sell and store cryptocurrency will begin offering its services in the Mexican market during the second half of 2022. “ Certainly, in the second half of the year we started to operate in Mexico. “ Rabelo said in an interview with the media.
Without providing details about the expansion, he said the move is part of a recent acquisition of Bitcoin Marketplace which is still awaiting regulatory approval. The director noted that the agreement is in its final stages of approval and added that Bitcoin Marketplace is not necessarily buying another cryptocurrency exchange to launch in the country.
Bitcoin market expands to Mexico
The news comes a year after the Brazilian firm will raise USD $200 million in a round led by SoftBank (Japanese telecommunications company) . At the end of 2021, the exchange added another USD $50.3 million to the proceeds after another round of investment, bringing its value to over USD $2 billion.
At that time, Bitcoin Marketplace had already indicated its intentions to expand in Latin America. “Our international expansion and the growing supply of new … are just getting started”, said Roberto Dagnoni, the CEO of 2TM The exchange matrix, who had also anticipated that the markets of Argentina, Chile, Colombia and Mexico were among its first destinations.
More recently, in January, the company started operations in Portugal after acquire a majority stake in CryptoLoja a cryptocurrency exchange licensed in that country.
So far, Brazil is the only country in Latin America where it offers services Bitcoin Marketplace . With its arrival in Mexico, the exchange will now go on to compete with one of the largest cryptocurrencies in the region:Bitsoa Mexican exchange that began operations in Brazil last year and has also been expanding in the region.
Cryptowinter affects the exchange
Despite expansion plans, Bitcoin Marketplace carries these efforts with caution in the face of cryptocurrency price turmoil and the broader economic landscape. The company is “ looking at the Latin American market an area or arena, online or offline, in which commercial dealings are conducted. with a little more caution due to the macroeconomic scenario. “Rabelo told Reuters .
It should be noted that last month, 2TM laid off more than 80 employees citing ” the changing global financial landscape, rising interest rates and inflation a general increase in prices and fall in the purchasing value of money. “. The exchange joined others of renown such as Gemini, Coinbase is an American company that operates a cryptocurrency exchange platform. y Crypto.com that have also opted to trim their workforces amid the downturn.
According to Reuters The current bearish cycle has also had a negative impact on the platform’s trading. Similar to what other digital asset exchanges around the world are experiencing, Bitcoin Marketplace has seen a reduction in its trading volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. in recent months, although their representatives did not disclose figures.
In 2021, the company had reported a traded volume of USD $7.31 billion. By way of comparison, its main competitor, Bitso , reported last month that it processed about $1 billion in remittances with cryptocurrencies between Mexico and the U.S. during the first half of 2022. Bitso y Bitcoin Marketplace are the two main crypto exchanges in the region.
As for the so-called cryptowinter, Rabelo was optimistic for the long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. term. While he anticipated that the market will remain sluggish until 2023, he argued that “ this low tide will pass and we will live other moments of enthusiasm “.
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Article by Hannah Estefania Perez / DiarioBitcoin
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