Cryptofacil, a new startup based in Uruguay, announced it would build the largest cryptocurrency exchange for Latin America and the Caribbean. The platform taps Bittrex's trading infrastructure, offer
Cryptofacil, a new startup based in Uruguay, announced it would build the largest cryptocurrency exchange for Latin America and the Caribbean. The platform taps Bittrex's trading infrastructure, offering 200 cryptocurrencies across more than 270 trading pairs.
The Cryptofacil team handles operations in-house, from regulatory compliance to customer support, marketing, sales, and custom development work. Co-founder Andres Szafran described the exchange as one that "will allow our customers to manage trades in a simple way, with premium services and competitive market fees."
The company set ambitious goals. "We developed Cryptofacil to focus on basic customer requirements: a simple and easy to use cryptocurrency platform with superior customer support and value-added services in a safe and secure environment," Szafran said. "Our goal is to become the crypto exchange of record and the most reputable platform in Latin America and the Caribbean."
The exchange serves the Latin American and Caribbean markets, with plans for other regions contingent on regulatory approval.
Bittrex has pursued a strategy of regional partnerships throughout 2018. The exchange collaborated with Invest.com in July to launch a digital platform for EU traders. Weeks later, Bittrex announced a separate partnership with Rialto Trading to build a digital securities exchange.
Cryptocurrency adoption has accelerated across Latin America. Buenos Aires ranks among the world's top ten cities for bitcoin use, with 130 merchants accepting it and a single bitcoin ATM operating there. Venezuela presents a different pressure point: inflation there is forecast to reach 1,000,000% this year. Ryan Taylor, who leads the Dash Core Group, noted that around 200 merchants in Venezuela have signed on to accept Dash.
Other companies are racing to capture Latin America's growing crypto appetite. Dash forged a partnership last month with Kripto Mobile Corporation to build phones with a "complete Dash ecosystem," letting Latin American users buy, hold, and use the coin for everyday purchases. Pundi X Labs, an Indonesian maker of cryptocurrency-enabled point-of-sale terminals, signed a distribution deal with Brazil's BitCapital in August to place 1,000 of its XPOS devices throughout the country. The partnership came months after Pundi X opened a South American headquarters in Sao Paulo. A second Brazilian distribution partner, Manticora Capital, will roll out another 1,000 XPOS units across Colombia within six months.
