Bitso’s Official Application in Columbia
South American cryptocurrency exchange, Bitso recently announced the launch of its official application for its Columbian customer base. The application will apparently enable users in Columbia to deposit pesos into their allocated wallets via a popular online payment system that is associated primary banks that are operating in the country.
Bitso had revealed new developments in Columbia back in the month of February and was engaged in developing a program that allows simple cash in and out functions in partnership with commercial bank, Banco de Bogotá. However, with the release of the Bitso application, Bitso can easily provide any services and products to people all around Columbia. As for the details regarding how the application works, the online payment system being utilized as mentioned before is called, PSE.
In addition to that, as previously mentioned, Bitso users have access to a crypto wallet in which they can safely deposit their peso holdings and can then utilize those funds to buy popular cryptocurrencies such as, Bitcoin, Ethereum, Solana and a couple others. Users can also buy stablecoins that are associated with the United States Dollar that include, Dai, Tether and TrueUSD.
Finding Potential in the Columbian Market
CEO of Bitso, Daniel Vogel commented on the matter in the launch event of the application, stating that Bitso has been looking to enter the Columbian financial market for quite some time, as it sees a great amount of potential that is ready to be unleashed, as the market currently stands at the 11th position in the latest cryptocurrency adoption index posted by Chainalysis.
Backing his claims about the Columbian market, Daniel Vogel mentioned that more than $70Billion worth of cryptocurrencies are traded every month in the region with popular exchanges like Binance, Buda.com and Ripio already having a presence in the country, so it is safe to say that Columbia has great potential with the crypto space.
The surprising thing to note is that despite the recent chaos in the crypto market, leading to the devaluation of nearly every currency, Bitso was still confident enough to release its application in a market that is still working towards cryptocurrency development. Vogel stated that he believes that development during such critical times is beneficial, as it leads to an environment that is mainly focused on the basics and bringing in new users for positive objectives.