News launches in Latin America

Wednesday 4 June 2014 13:08 CET | News, an Argentinian Bitcoin and Litecoin exchange, has launched its services in Latin America to create a regional digital currency exchange, reports.

The exchange announced its soft launch in March 2014. So far, its customer base already includes users from Colombia, Mexico, Spain and the US, and its agenda calls for further expansion. has launched in the aftermath of a USD 2 million investment from a UK-based investment firm. Hence, the exchange, while using Buenos Aires as its base of operations, is incorporating in the Netherlands in order to guard against the risk of devaluation and lack of confidence and support in digital currencies.

Francisco Buero, the company’s chief operating officer, states that is currently involved in formalizing its customer relationship with payment processor AstroPay, which would allow it to streamline how users will interact with its website. It is also looking to work with major remittance providers such as Western Union and MoneyGram as well.

In addition, Buero said that the website now allows users to subscribe by uploading an ID to the website. The photo is then validated to meet know-your-customer (KYC) compliance standards. Customers can then fund their accounts with up to USD 3,000 each month.

Buero explains that the main funding option that customers are using is international bank transfer although the exchange also offers OKPay through AstroPay, which in turn goes through Egopay.

Presently, the exchange targets new customers through Google and Facebook outreach, but that it aims to meet with local players in each of its target markets so it can help these entities liquidate their BTC holdings.

Buero informs that the exchange will implement technological standards such as SSL and AES-256 cryptographic encryption, and that all deposits will be kept in cold storage.

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Keywords: Argentina, Latin America, Bitex, exchange, Bitcoin, digital currency, SSL, AES-256
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce