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Mexico, along with Chile and Colombia, is becoming an example of growing local markets. The response to two new proposals, one from an exchange and the other from a wallet show how enthusiastic the country is about blockchain technology.
The Exchange CryptoMKT Now Available In The Mexican Market
From this week onwards, Mexicans are able to buy and sell cryptocurrencies through the CryptoMKT exchange. Merchants can register in the CryptoCompra system which allows customers to pay with cryptocurrency in multiple businesses.
CryptoMKT is a Chilean project founded in 2016 made up of a team of 30 professionals connecting over 155,000 users. Mexico now joins Chile, Argentina, Europe, and Brazil as users of this exchange. This opening will allow thousands of people and companies to buy and sell Bitcoin (BTC), Ethereum (ETH) and Stellar Lumens (XLM) directly with Mexican pesos for a fee of up to 0.05%.
Last month CryptoMKT reported that 5,000 Chilean businesses are already accepting this system with branches in Chile, Argentina, Europe, and Brazil. CryptoMKT was also the first to allow transactions with ETH in Latin America.
A month ago the firm closed a 600,000 USD investment from ConsenSys Ventures, a US fund specializing in high-impact emerging technologies and Magma Partners, a US, Latin American and Chinese investment fund.
According to its co-founder Martín Jofré, one of the factors that led CryptoMKT to arrive in Mexico is that the country “leads the way in terms of regulation with the new FinTech Law.” In this sense, they believe that one of the main differences concerning operations in Chile is that the nation “establishes clear parameters” for the crypto market.
Ripio Wallet Arrives In Mexico
Since last week Ripio announced that it would launch its primary product, a crypto wallet, in Mexico. The brand seeks to position itself in the Mexican market for remittances, e-commerce and the purchase and sale of digital assets.
Karina Caudillo, General Manager of Ripio Mexico, informed that in the first stage, the company would focus on boosting its distribution of cryptocurrency in the local market. They plan to launch other services such as exchanges, credit products and payment gateways.
Mexico represents a promising market for Ripio as there is a great need to improve the conditions and platforms for users. Caudillo explained:
“For us, the Mexican market is divided into three large blocks or types of users: 1) Remittances, estimated at $28 billion; 2) E-commerce, estimated at $7 billion; and 3) Digital asset purchases, which we estimate were exchanged more than 8000 BTCs in July. It’s a very attractive market and even more so in a country like Mexico, where there aren’t many strong competitors.”
As part of its road-map to position itself in the local market, Caudillo also committed to working intensively on the development of the industry, through the creation and dissemination of content that will allow more people to become users of cryptocurrency and blockchain technology.
About its program to open operations in the region, Ripio is also expanding into Chile and Colombia, which are considered the main markets in Latin America regarding economic growth, interest in blockchain technology, as well as in the Internet of Things (IoT) and Artificial Intelligence (AI).
“We’re going all over Latin America with a very clear focus on financial inclusion, so once these three new markets are launched, we’ll go to the following countries,” said Caudillo.
Ripio currently operates in Argentina and Brazil and began its operations in 2013. The wallet has 200,000 registered users and in 2018 has processed an average of 2 million dollars per month. As one of the first pioneers in Latin America, they can acquire the knowledge and support of investors and business partners to develop a thorough expansion plan for the region.
The chief purpose of Ripio is to offer an alternative to the 65% of the Latin American population who don’t have a bank, allowing more people access to investment products. The lack of financial inclusion is one of the significant problems cryptocurrency poses to fix, companies like Ripio further that goal.