Bitso exchange partnered with Addem Capital to provide cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. investment instruments in Latin America.
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- Bitso partnered with Addem Capital
- The alliance seeks to finance entrepreneurs with crypto.
- Addem expects to receive USD $120 million in crypto funding
Bitso, the Mexico-based cryptocurrency exchange, the first and largest in the country, has announced a new partnership with Addem Capital capital is most commonly defined as the large sum of money you would use to invest. a Mexican debt fund that provides financing options to startups and other companies. The exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. will process payments from the fund and provide conversion functions, allowing you to accept cryptocurrencies as part of your payment options.
It should be remembered that the news comes a few days after, following the trend of other exchanges, Bitso announced the dismissal of 80 of its employees The company’s long-term business strategy is the reason for its decision. Bitso founded in 2014 by Mexican Daniel Voguel, which has become a top-notch company. “unicorn” (so called for companies that exceed US$ 1 billion), has more than four million users in Mexico, Argentina, Colombia and Brazil.
For its part, Addem Capita l is a Mexican debt fund that allows emerging companies to access financing structures.
Together for decentralization the handover of control from a central authority to several different custodians.
Together, the two companies will then make it easier for entrepreneurs in Latin America to access capital through virtual currencies.
On the importance of these decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. financial methods, Pedro Cetina, co-founder and managing partner of Addem Capital, afirmó:
“Cryptocurrencies and DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. protocols have the potential to become a driver of financial inclusion in Latin America. Our model inherently has some operational complexity, cryptocurrencies come to revolutionize the model through which we operate”.
According to the vision of Addem Capital, cryptocurrencies can further grow the venture capital funding market an area or arena, online or offline, in which commercial dealings are conducted. for technology companies in Latin America, a market that reached USD $15 billion in 2021, according to a joint statement.
Bitso, as a cryptocurrency exchange, it will perform the function of a payment provider, receiving cryptocurrencies from investors and allowing them to Addem convert them to fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currencies according to your needs. This will facilitate the tasks that Addem compliance-related tasks, and the exchange will be responsible for KYC ‘Know Your Client’. A procedure when a trading platform or exchange would require you to confirm your identity in order for you to use them. (Know Your Customer) and other related procedures.
In this regard, Carlos Lovera, business development leader at Bitso, expressed:
We understand the great opportunity that cryptocurrencies provide to revolutionize various sectors, giving entrepreneurs access to investment tools and capital in a faster, simpler and more transparent way, allowing their local development to thrive in a global economy. .
According to the Mexican exchange, in the next 24 months, in the next 24 months Addem Capital expects to receive around US$120 million in cryptocurrency funding, which could come from institutional investors in Europe, the United States or Mexico.
As we said, Bitso will function as the platform a place to buy, sell and store cryptocurrency to receive funds in cryptocurrencies and convert them into local fiat currencies needed by each entrepreneur.
“This action facilitates fund sharing and ensures access to fast, low-cost and scalable debt capital for entrepreneurs seeking opportunities through Addem Capital.” said Bitso.
Sources: Bitcoin.com , Millennium , The Economist , archivo
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