Bitso was formed in Mexico in 2014 and is currently officially operational in Argentina, Brazil, El Salvador, and Colombia.
Bitso, a top Latin American crypto exchange and El Salvador's crypto wallet assistant company, has officially launched in Colombia.
The exchange has appointed former Mastercard executive Emilio Pardo as new country manager as part of Bitso's expansion plan in Colombia, the firm confirmed on Thursday.
Pardo formerly served as Mastercard's Andean Region's head of business development, where he worked on fintech concerns such as quick and cross-border financial transactions and open banking. He will now be in charge of forming Bitso's strategy in Colombia to expand local crypto adoption and access to financial services, with an emphasis on Bitso's strategic fundamentals such as education and safety.
Latin America, according to Pardo, is currently experiencing one of the most crucial phases in the adoption of cryptocurrencies, and Colombia is no exception. Increasing cryptocurrency adoption would help not only Colombia's financial sector, but will also assist in educating and fulfilling the requirements of our clients and citizens, he stated.
Bitso's services in Colombia are governed by a major local financial regulator, the Superintendencia Financiera de Colombia, or SFC. According to the statement, Bitso has received permission to function within la Arenera, the regulatory framework of its sandbox and crypto pilot program, starting in late 2021.
In 2021, Bitso commenced collaborating with Colombia's first commercial bank, Banco de Bogotá, to pilot the exchange's goods and services under this framework.
“As an end-to-end regulated crypto platform, we can ensure that this opportunity is putting Colombia at the forefront of innovation and regulation,” Pardo stated. He also stated that the crypto exchange is evaluating its products within a regulatory framework that considers the whole financial services ecosystem, comprising banks, exchanges, regulators, and end-users.
Bitso, founded in 2014 in Mexico, is one of the leading crypto exchanges in Latin America, enabling users to trade cryptocurrencies such as Bitcoin. The exchange has developed exponentially in past years, with plans to expand to Argentina in February 2020 and to Brazil in April 2021.
El Salvador, which formally accepted Bitcoin as legal tender in September 2021, is also represented by the exchange. At the time of its inception, Bitso worked with Silvergate to support US dollar transactions for El Salvador's official Bitcoin (BTC) wallet, Chivo wallet.