EUROC enters Latin America
Bitso, a leading Latin American cryptocurrency-driven financial services company, has announced the addition of Euro Coin to its platform, enabling more than 6 million customers to access the stablecoin. With this launch, Bitso has become the first Latin American company to offer EUROC, making it easier for people and institutions on both sides of the Atlantic to transfer funds.
The Future of Finance: EUROC now available in Latin America
The use of cryptocurrencies is growing exponentially in Latin America, driven by fintech, open banking, digital transactions, digital wallets, and neobanks. Bitso is one of the leading companies at the forefront of this revolution. Its mission is to make access to stablecoins easier, and with the addition of Euro Coin, they have taken another step towards this goal.
More than 6 million Bitso customers can now convert, buy, sell, deposit, save, invest, or make local and international transfers in EUROC. The stablecoin is backed by euros, making it an attractive option for those looking for stability and predictability in a volatile market. This move makes Bitso the first Latin American company to offer EUROC, an important step for the region's growing cryptocurrency market.
The emergence of stablecoins like EUROC is proving to be an essential tool for anyone looking to transfer funds between entities or countries. According to the Observatory of Economic Complexity (OEC), 4.6 million Latin Americans live in Europe, and the commercial balance between Europe and Latin American countries has been around €200 billion since 2020. The introduction of stablecoins with euro-parity in Latin America will benefit people and institutions on both sides of the Atlantic.
Bitso's alliance with Circle has made this possible. Circle is the issuer of USD Coin (USDC), which has been available on the Bitso platform since 2020. Circle recognized the need for a euro-based stablecoin that operates under the same clear model and full reserve as USDC. Euro Coin is fully backed by euros held in euro-denominated bank accounts, making it always convertible at a 1:1 rate with euros.
According to CoinGecko, as of June 2022, Euro Coin already has a market capitalization of €26 million since its launch on the Ethereum network, opening new possibilities for digital finance and almost instant currency exchange where the daily volume in traditional markets could exceed $6.6 billion worldwide.
Andrés Salcedo, Bitso's Crypto Strategy Leader, says that the company will continue to add useful and innovative assets to its platform to expand the use cases that meet users' real needs in the region. The inclusion of Euro Coin in their portfolio will help them take advantage of stablecoins in the region and promote international transfers with transactions denominated in euros, allowing people and companies to thrive in a global digital economy.
The addition of EUROC to Bitso's platform is just one example of how the world of finance is evolving. The ability to access stablecoins from a trusted platform like Bitso is an essential tool for anyone looking to invest in cryptocurrency in a stable and reliable manner. The introduction of EUROC in Latin America marks an important milestone in the region's financial evolution.
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