The exchange house projects its arrival in Brazil, Peru and Colombia by the end of 2021.
One of the goals is to add more professionals to continue improving the exchange’s application.
Buenbit, an Argentine cryptocurrency exchange, raised $ 11 million in its first round of fundraising, which was led by the Libertus Capital fund. The funds will be used to “promote financial solutions throughout Latin America” and begin operating in three other countries on the continent.
According to a statement published by the company, in addition to Libertus Capital (a European fund owned by Venture Capital) 12 other international investors participated. This, according to the CEO and co-founder of Buenbit Federico Ogue, will allow “consolidating Buenbit as the main player in the crypto industry at the regional level. It is key because it allows us to continue adding the best talent to our team: we are putting together a dream team to build the leading crypto application of the future for Latin America ».
The exchange house of Argentine origin plans to be “100% operational” in Peru, Colombia and Brazil by the end of 2021. In addition, they also plan to open operations in Mexico, Ogue told Argentine media.
In this way, says the press release, they could reach one million registered users, which would imply a growth of 165% compared to their current figure. At the end of June, according to data provided by the company, the number of Buenbit users was 377,000, while the total amount of operations amounted to USD 392 million.
In the second quarter of 2021, Buenbit’s user base approached 400,000. Source: buenbit / buenbit.com
Buenbit is running against the problems of regional economies
Ogue, the CEO of Buenbit, explained why his company can be an alternative for the inhabitants of Latin America: “We live in a region that suffers daily scourges such as high inflation, periodic devaluations, high transaction costs, insecurity (police and legal) or lack of easily accessible saving and investment tools ”.
Given this, “cryptocurrencies – in particular, stablecoins and the world of decentralized finance (DeFi) – contain very powerful response elements to each of these problems. However, for the general public, they remain something unknown, cryptic, difficult to access, “he continued.
Faced with this scenario, the exchange has the premise of enabling access to cryptocurrencies for more and more people, either to save or to carry out everyday transactions. For example, CriptoNoticias reported in mid-June about the different alternatives that an Argentine worker has to keep his bonus or complementary annual salary safe from inflation. In this case, cryptocurrencies appeared as an option to consider, due to the appreciation they have had against national currencies in their years of existence.