- As part of its expansion plans, the Brazilian exchange Mercado Bitcoin plans to start operating in Mexico in the short term.
- The firm is awaiting regulatory approval in the country to start operations in the Mexican territory.
- In the study carried out by the Blockchain Transparency Institute (BTI) in 2020, Mercado Bitcoin was among the 25 most reliable and secure exchanges in the world.
The Mexican market is of great interest to the largest companies in the world. For this reason the arrival of bitcoin market not surprising.
As announced by the Brazilian company, everything is ready for them to arrive this year and begin their operations in the short term.
expansion plans
Bitcoin Market is part of the Brazilian unicorn 2TMcompany thatDespite having certain economic problems during the bear market, which led to the cut of 80 employees, arguing “the changing global financial landscape, high interest rates and inflation”, continues with its expansion plans.
The idea of expanding in Latin America was born a few years ago, but this 2022 promises to be historic. ANDIn 2021, the Brazilian company pocketed $200 million dollars from SoftBank, a Japanese industry dedicated to telecommunications and the Internet. At the moment Brazil is the only headquarters in Latin America, while it crossed the Atlantic Ocean to position itself in Portugal after the purchase of Criptoloja, at the beginning of 2022.
Confirmation of arrival in Mexico was made by his CEO Reinaldo Rabelo in dialogue with the news agency Reuters., in which he declared that they hope to enter the Mexican market at the end ofño, as part of a plan to expand to other parts of Latin America.
Although he did not provide too many details of the next steps, Rabelos stressed that the arrival will not necessarily be with the purchase of another exchange and that they are still at the awaiting regulatory approval from Mexico to reach the agreement.
This information was confirmed to Bitcoin Mexico through an email from the 2TM Public Relations agency in which it was stated that Mercado Bitcoin plans to start operating in Mexico as part of its expansion plans in other territories, and that they are only waiting for regulatory approval in the country, an important premise for the company to operate in other countries.
Mexico, an attractive destination in the crypto territory
The landing in a new market by Mercado Bitcoin will be “cautious” due to the aforementioned crisis, in addition to the fact that in Mexican lands it will have good competition, since there are many exchanges that are established.
The industry leader is Bitso, a local unicorn. Precisely the cryptocurrency exchange founded in 2014 by Daniel Hidalgo already arrived in the Brazilian market in 2021 and ate a part of the clients. Bitso has a wide presence in Latin America, since in addition to Mexico and Brazil, it operates under license in Argentina and Colombia.
Mexico is not only attractive for companies because of its large population (with almost 130 million inhabitants, it is the second most populated country, only behind Brazil’s 215 million), but also because of the trade in remittances, since it is the third country with the most money receives from abroad behind China and India.
As previously reported, Bits processed $1 billion of dollars in remittances in crypto assets between Mexico and the United States during the first six months of the year. At the same time, Tether launched its MXNT token, a stablecoin that tracks the price of the Mexican peso, while Coinbase greenlit a cash-out service.
“Without a doubt, the Mexico-United States corridor is an extremely important market for us, in which many people depend on remittances to access a decent life and satisfy their basic needs. That is why it motivates us even more and we are committed to bringing these services to other countries where we operate”explained a statement at the time Carlos Lovera, leader of Business Development at Bitso.
What is Bitcoin Market?
“The one who arrives first wins with MB in the new digital economy”, is the motto of Mercado Bitcoin, which claims to have 3.8 million customers and trade 200 crypto assets.
The company was born in 2013 with the idea of ”democratizing access to our digital assets”, highlight the creators. While adding:
“Facing the challenges of the financial market with boldness, we are a platform with innovation written in our code. Both in the work environment and in the process of creating new opportunities, we believe that a different vision changes everything. It was with this idea that we combined technology and security, facilitating your access to cryptocurrencies.”.
In the study conducted by the Blockchain Transparency Institute (BTI) in 2020, Mercado Bitcoin was among the 25 most reliable and secure exchanges in the world. In the country, it operates under the Normative Instruction of the Federal Treasury, which is a noteworthy fact.
The arrival of Mercado Bitcoin means greater competition for the leaders of the sector in Mexico, but it is also a great offer and variety for customers. The more options, the more diverse and stronger the crypto ecosystem becomes.
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