The US-based exchange Bittrex has announced a partnership with Cryptofacil, a new cryptocurrency trading platform designed to accommodate citizens in Latin America and the Caribbean. The company explains the new exchange will be powered by Bittrex and offer customers in those regions accessibility to over 200 digital assets.
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US Exchange Bittrex Is Launching a New Exchange That Tends to Latin American and Caribbean Citizens
The North American cryptocurrency trading platform Bittrex is expanding its operations by entering a new partnership with a financial tech company called Cryptofacil. Bittrex has detailed it will be launching an exchange with Cryptofacil that will allow Latin American and Caribbean residents the ability to trade over 200 cryptocurrencies. At the moment the companies are offering a pre-registration period for interested traders. Cryptofacil’s co-founder, Andres Szafran, says the team plans to leverage the Bittrex trading platform’s experience and token review process.
“We developed Cryptofacil to focus on basic customer requirements: a simple and easy to use cryptocurrency platform with superior customer support and value-added services in a safe and secure environment,” explains Szafran. “Our goal is to become the crypto exchange of record and the most reputable platform in Latin America and the Caribbean.”
A Focus on Driving Worldwide Cryptocurrency Adoption
Bittrex CEO Bill Shihara says the Cryptofacil team based in Uruguay has a deep knowledge of the Latin American and Caribbean markets. The partnership provides Bittrex with the opportunity to offer these residents access to a broad selection of cryptocurrency assets and the company’s reputation will help bolster the goal. The partnership with Cryptofacil “will further drive worldwide adoption,” Shihara detailed during the announcement.
Shihara emphasized:
As we continue expanding our global footprint, it is partnerships like this one that will serve to not only support the blockchain industry, but also to incubate innovative projects using this revolutionary technology.
In Latin America and the Caribbean, much of the population is unbanked and estimates believe over 400 million people do not have access to basic financial services. The new Cryptofacil exchange will compete with a slew of other firms trying to tap this market such as Bitso, Ripio, Volabit, Panda Exchange, Bitex, and Cryptobuyer. Founded in 2013 by Shihara and with over $39 million in daily cryptocurrency trade volume, Bittrex thinks it can make a dent in these areas. Moreover, while citizens from the Caribbean and Latin America will be Cryptofacil’s first venture, the platform may expand to other areas as well, details Bittrex.
What do you think about Bittrex expanding into the Caribbean and Latin America region with an exchange called Cryptofacil? Let us know your thoughts on this subject in the comment section below.
Images via Shutterstock, Bittrex, and Cryptofacil.
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