Bitcoin has huge potential in Latin America provided they are exposed to it; understanding the same, Bitcoin exchange CEX.io has partnered with payment solution provider AstroPay to launch local currency account deposits and withdrawals in Latin America. The move is expected not just to gain new customer but also expand the reach to entire continent.
Established in 2013 as the first cloud mining provider, CEX.IO has become a multi-functional cryptocurrency exchange, trusted by over 300,000 users. With the new partnership the company is trying to help get two-way services as prior to the partnership, its customers in Latin America were only able to deposit and withdraw funds via bank transfers or cards.
Talking about the latest partnership Helga Danova said that such operations were only possible in USD or EUR, which was very expensive for them. Nonetheless, the new integration, according to her will enable customers in Argentina, Brasil, Chile, Colombia, Peru, Mexico and Uruguay to purchase Bitcoin with local currency.
Similarly, she informs that consumers in China and Turkey will also be able to fund their CEX.io accounts with their local currencies using AstroPay. CEX.IO, brought by the team of the largest Bitcoin Mining Pool — GHash.IO, which now counts 60 employees and 40 remote contractors from all over the world, is flexible in its approach when it comes to serving customers.
The company claims:
Through our activity, we aim to spread knowledge about Bitcoin, grow the community and make Bitcoin accessible for everyone. Forming a solid network of various crypto services, we target a wide range of audiences, involving them into the world of Bitcoin and creating new possibilities for easy Bitcoin integration to their life and business.
AstroPay charges a 2.5% fee for both deposits and withdrawals
The press release from the organization informs that AstroPay charges a 2.5% fee for both deposits and withdrawals carried out through online banking. According to Helga Danova users may also be charged an additional fee by their bank. Having pivoted away from Bitcoin mining, CEX.io has a comparably low 24-hour trading volume.
For instance, it has volume of approx $102,624 for BTC/USD trades which when compared with other exchanges such as Bitfinex $13,587,900 for BTC/USD trades is peanuts. However, as CEX.io has launched account withdrawals and deposits in 23 US States in April in an attempt to advance in the market, it expects increase in volumes.
Danova concluded that the company is working on providing the best solutions for users from different parts of the world, aiming to become a global exchange with a local approach.
To contact the reporter of this story: Deepak Tiwari at email@example.com