Latin America will be one of the biggest breeding grounds for Bitcoin in the years to come. Not only is the number of Bitcoin transactions in Latin America reaching never before seen heights, but several major companies are focusing their attention on this market as well. CEX.io, BitPay and Astropay all come together to put Latin America on the digital currency map.
Latin America Embraces Bitcoin Transactions
The advantages of Bitcoin transactions are well-known by now. Transferring funds from one user to the next takes seconds, there are no transaction fees associated with payments, and Bitcoin is a borderless digital currency. No longer will users have to switch from one local currency to the next, as Bitcoin remains Bitcoin in every corner of the world.
Earlier in the year, the trend of increased Bitcoin transactions in Latin America started to take shape. Even though Bitcoin has been a bit of a struggle near the end of 2014 – with the number of monthly transactions dropping below 400 – things started picking up soon after. But it wasn’t until February of 2015 when things really started getting interesting.
It is important to keep in mind that there are over 600 million Latin Americans, of which more than 60% has no access to a bank or credit card. Needless to say, these people are struggling to make ends meet, as most of the Latin American countries are plagued by hyperinflationary fiat currencies and tightly government-controlled ecosystems.
Ever since February of 2015, Bitcoin transactions in Latin America started picking up. Whereas there were 638 transactions in February, that number quickly rose to 2531 in March 2015. Despite a small dip in April – 1971 transactions – the volume of Bitcoin transactions has been rising steadily, and set an all-time high peak of 3509 in June.
With that number increasing month over month, it didn’t take long until Bitcoin startups and companies started seeing the potential of digital currency in Latin America. One of the biggest companies to focus its attention on this emerging market is Bitcoin cloud mining and exchange platform CEX.io.
CEX.io Partners With AstroPay To Conquer Latin America
A few days ago, CEX.io expanded their services to Latin American customers, allowing them to easily buy and sell Bitcoin in exchange for local fiat currencies. Facilitation of the transactions to and from the South American continent will be handled by AstroPay, one of the leading payment processors in that part of the world.
Rather than relying on wire transfers or credit card payments – both of which are hard to come by in Latin America – Cex.io customers can now use AstroPay. And even though AstroPay charges a 2.5% fee for both deposits and withdrawals, it is still a far cheaper alternative compared to traditional means.
This latest move confirmed earlier indications that CEX.io is evolving their business model from a cloud mining provider to a full-fledged global Bitcoin exchange platform. Targeting the Latin American market is a big step in the right direction, as the partnership with AstroPay also makes it easier for customers from China and Turkey to deposit and withdraw funds on the CEX.io platform.
Source: Press Release via Email
Images courtesy of CEX.io, Shutterstock