El exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. argentino Buenbit launches crypto-loans and plans new funding after staff layoffs.
- Buenbit launches crypto-loans in Argentina
- Wants to do it in Mexico and Peru
- Buenbit users can withdraw up to $3,333 USD at nuARS
- nuARS is a stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. tied to the Argentine peso.
Argentina is one of the hardest hit economies on the continent. As reported by the country’s media, inflation a general increase in prices and fall in the purchasing value of money. is estimated at 68.5% this year, the highest since 1991. It is worth noting that the inflationary problem is occurring all over the world. Also in U.S. inflation in 2022 is the highest in 41 years.
In light of this, many people are resorting to various ways to pay off debts or make outstanding payments.
Buenbit, an Argentina-based cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange with operations in Mexico and Peru, yesterday launched a local currency (Argentine peso) loan product that uses cryptocurrencies as collateral.
The users of the platform a place to buy, sell and store cryptocurrency will be able to use the stable currency of MakerDAO, DAI, as collateral collateral is any asset that a lender accepts as a form of security to ensure that the borrower repays a loan. and withdraw up to one million n uARS, a stable currency currency is a medium of exchange that defines value. pegged to the Argentine peso, the company said in a statement. At the current exchange rate, the maximum amount is equivalent to USD $3,333.
Federico Ogue, Buenbit’s CEO, told CoinDesk that the product is the first of its kind in Latin America.
“It’s a model that emerged abroad but with dollar loans, but it doesn’t work for Latin Americans. Who wants to borrow U.S. dollars in the region? Too much risk, Dijo Ogue.
Users can apply for loans as long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. as they guarantee 80 percent of the requested amount, the company said, adding that the BY will lock on the platform and generate returns.
What is nuARS?
Stable currency nuARS, which operates on the Binance, was developed by Num Finance, a firm that also plans to launch nuPEN y nuMXN two stable currencies pegged to the Peruvian and Mexican currencies, respectively.
While it has already been launched in Argentina. In Peru, Buenbit plans to launch loans in partnership withNum Finance “en breve”, said the company. On Mexico did not make further announcements regarding dates.
En Argentina, los usuarios podrán usar nuARS to buy other cryptocurrencies in Buenbit, withdraw or spend them through the prepaid card offered by the exchange, the company added.
It should be remembered that in May, Buenbit laid off 45% of its staff approximately 80 employees, due to the “global overhaul” in the tech industry, Ogue said via Twitter at the time. He added that the event was not related to the collision of UST y LUNA. Many other exchanges have carried out similar actions, including some of them very well known like Coinbase is an American company that operates a cryptocurrency exchange platform. y Gemini.
The company also halted plans to expand into new countries, including Chile and Colombia, Ogue said, although he did not rule out new openings in 2023.
Also, the company is already in talks with investors to raise a new round of funding in the third quarter of 2022, which will be smaller compared to the USD $11 million Series A it raised in July 2021, Ogue said.
“ This is a smaller round, so as not to commit to a scenario of uncertainty. We will wait to do a bigger round next year with a clearer picture”, agregó Ogue.
Buenbit plans to remain independent and is not seeking to be acquired, Ogue said, although he told Coindesk that banks and brokerage houses have approached the company about the possibility.
Ogue added that Buenbit plans to obtain – just as the Mexican Exchange did Bitso – an exchange licence in Gibraltar within three months, after an 18 month process.
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