on the crypto
Over the past couple of years, cryptocurrencies have gained unprecedented traction, attracting stakeholders who have refrained from supporting them in the past due to high volatility in cryptocurrency prices and fears of government regulation. Now, not only private individuals, but also Investors institutions begin to bet on the decentralized finance revolution. Venture capital firms have also shown significant interest, investing $ 4 billion in cryptocurrency companies in the second quarter of 2021.
The decentralization of finance has been a particularly interesting trend in the case of Latin American countries. After many inflation crises in countries like Venezuela and Argentina, more and more people are starting to question the government's ability to control the stability of the national medium of exchange. The idea of a safer digital currency holds a particularly tempting promise for these nations. Some companies have already identified this niche in the Latin American market and are implementing these technologies across Latam. In fact, this crypto startup boom recently led to the creation of two unicorns worth over $ 2 billion.
While these industries are still in their infancy in an ever-changing market, there are several key players who are already making a sensation in the region. Here are 3 startups worth discovering in the Latin American ecosystem that are currently defining the cryptocurrency revolution in the region.
1.Bitso
Bitso is the first unicorn crypto in Latin America, valued at $ 2,2 billion. The Mexico-based company is an exchange platform that allows its users to buy and sell nine different cryptocurrencies including Bitcoin, Etherium and Litecoin. It also allows users to send cryptocurrencies around the world and make deposits in local currency. Users can start with as little as 100 pesos (~ $ 5) and make deposits directly from their bank or at Oxxo (7-Eleven type stores).
2. Bitcoin Market
Mercado Bitcoin is another unicorn crypto and currently the most popular crypto exchange in Latin America. Headquartered in Sao Paulo, Brazil, the company is currently valued at $ 2,1 billion and has been famously backed by SoftBank. In addition to buying and selling Bitso-like cryptocurrencies, the platform offers its users a wide selection of other cryptocurrencies such as utilities and fan tokens. Mercado Bitcoin currently has over 2,8 million customers trading on its platform.
3. Ripio
The Argentine founded Ripio is the only startup on the list that has created its own cryptocurrency (RCN) through an Initial Coin Offering (ICO). The company helps merchants process international credit card or bitcoin transactions for a fraction of the cost, as well as consumers to buy and sell bitcoin and other cryptocurrencies. Ripio also offers its users a unique service called Ripio Earn which allows people to earn fixed monthly earnings on their crypto wallets.
