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Buenbit, a cryptocurrency exchange platform based in Argentina, announced that its crypto trading application would be available in Peru starting this week. This expansion will give Peruvians more alternative platforms where they can invest in cryptocurrencies amidst increased inflation.
Buenbit available in Peru
Buenbit will enter the Peruvian market through a trading app that offers Peruvians a better way of investing in cryptocurrencies. The assets supported by the app include Bitcoin, Ethereum, Cardano, MATIC, DAI, Solana, Polkadot and Binance Coin.
The application has also been structured to support the transfer of crypto assets to local bank accounts. The app supports the Peruvian fiat currency and the USD. According to Buenbit, 95% of the funds on this application will be stored in a cold wallet.
Commenting on this development, the CEO of Buenbit, Federico Ogue, stated that, “Over the long term, the intention is to establish ourselves as a successful fintech in the same way as in Argentina, and to be among the most-used platforms in the country.”
The Buenbit cryptocurrency exchange platform was founded in 2018. In June, the exchange announced that it had raised $11 million in a Series A funding round. The funding round was led by Libertus Capital. The exchange has around 470,000 users in both Argentina and Peru.
Expands in Latin America amidst Rising Inflation
Buenbit hops to continue pushing its expansion plan in Latin America. Among the markets, it is targeting include Mexico, Brazil and Colombia. The exchange plans to make these expansions possible after a Series B funding round is expected to happen before the end of the year.
Buenbit hopes to achieve increased adoption in Peru following the country’s rising inflation levels. Data from the National Statistics Institute in the country stated that inflation has increased by 5.23% over the past year. This is the highest annual inflation growth in over a decade.
Peru is not the only country in Latin America that is dealing with rising levels of inflation. The Covid-19 pandemic has been fuelling the rising inflation rates, and people in the region are now turning into crypto as a way of saving.
Buenbit has enjoyed increased adoption in Argentina following the fluctuating values of the country’s peso. Obtaining dollars is restricted in the country; hence cryptocurrencies come in handy for saving and investing. To boost adoption, Buenbit has launched a prepaid Mastercard that allows easy conversion of crypto to the Argentinian peso.
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