Bittrex, a U.S.-based blockchain trading platform, is partnering with Cryptofacil, a fintech digital asset trading platform, to launch a digital currency exchange for customers in the Caribbean and Latin America. With more than 200 tokens available, this new exchange is poised to dramatically alter the cryptocurrency markets in this part of the world. According to a press release issued earlier in September, the partnership aims to "combine Bittrex's cutting-edge trading platform technology and wide range of digital tokens selected using its robust token review process...with Cryptofacil's unique team in charge of the customer operations."
Details of the Partnership
The partnership between Bittrex and Cryptofacil seems highly promising. Bittrex offers a sizable crypto catalogue and respected means of evaluating and comparing different tokens as they emerge. However, given its focus in the U.S., it is perhaps not best suited to approach the Latin American and Caribbean digital currency markets on its own. This is where Cryptofacil comes in. With an intimate understanding of local market dynamics, as well as customer issues and support requirements and legal compliance concerns, Cryptofacil aims to harness Bittrex's resources in order to best accommodate a new pool of potential customers.
Cryptofacil co-founder Andres Szafran explained that the partnership with Bittrex "positions Cryptofacil as a leader in the Latin America[n] and Caribbean digital asset markets, with an offering of more than 270 token pairings. With a unique user interface, our platform will allow our customers to manage trades in a simple way, with premium services and competitive market fees. We developed Cryptofacil to focus on basic customer requirements...our goal is to become the crypto exchange of record and the most reputable platform in Latin America and the Caribbean."
For Bittrex, one major benefit of the partnership is the expansion of its brand into new parts of the world. CEO Bill Shihara explains that, together, the two companies "will provide Latin American and Caribbean customers a reliable, fast and secure trading platform that also offers access to some of the world's most innovative blockchain projects."
The South American Market
The U.S. has been a leader in the digital currency world, in spite of ongoing questions which remain as to how regulators will view and adapt to growing cryptocurrency interest. By comparison, many countries in South America have been more eager to involve themselves in the digital currency space on an official level. Venezuela's controversial petro digital currency was launched by the state under the pretense that it was backed by the country's oil reserves and as a means of dealing with hyperinflation which has run rampant. Argentina has also taken a fairly strong pro-digital token stance.
In these and other South American countries, though, access to digital tokens is scattered and inconsistent. In some cases, there is a heightened incentive for investors to focus on digital tokens, particularly in places where the fiat currency and local economy is highly unstable. But there are relatively few secure and reliable options for digital currency exchanges as compared with the U.S.
If Bittrex and Cryptofacil are able to garner enough interest and meet their goals of customer-oriented, secure transactions, they see the potential to become a dominant force in a growing region of the cryptocurrency sphere.
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