A new startup called Cryptofacil has announcedplans to launch “the largest cryptocurrency exchange in Latin America and the Caribbean.” The exchange will be powered by Bittrex’s trading platform technology and will feature 200 digital tokens and more than 270 trading pairs.
The Cryptofacil team, based in Uruguay, will be in charge of the customer operations, including compliance, customer support, marketing, sales, and customized development.
Andres Szafran, Cryptofacil’s co-founder, said the 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: a simple and easy to use cryptocurrency platform with superior customer support and value-added services in a safe and secure environment. Our goal is to become the crypto exchange of record and the most reputable platform in Latin America and the Caribbean.
Initially, Cryptofacil will focus on the Latin American and Caribbean markets but in the future it may exchange its digital trading services to other markets depending on applicable laws and regulation.
Bittrex has been expanding rapidly this year, announcing several similar partnerships. In July, Bittrex unveiled a collaboration with Invest.com to open a digital trading platform initially focused on the European Union, and just a few weeks ago, it announced a partnership with Rialto Trading to offer a digital securities trading platform.
The announcement for the upcoming Cryptofacil trading platform comes at a time when demand for cryptocurrencies is on the rise in Latin America.
Buenos Aires is listed as one of the top ten countries in the world leading bitcoin adoption. The city has 130 merchants accepting the cryptocurrency and one bitcoin ATM installed.
In Venezuela, where inflation is set to hit 1,000,000% this year, some 200 merchants have already signed up to accept Dash, according to Ryan Taylor, CEO of the Dash Core Group.
Bittrex and Cryptofacil aren’t the only cryptocurrency startups looking to tap into the Latin American market.
Dash announced last month a partnership with Kripto Mobile Corporation (KRIP) to equip KRIP mobile phones with a “complete Dash ecosystem,” enabling users in Latin America to easily acquire, store, and spend the cryptocurrency for everyday transactions.
In August, Indonesian point-of-sale (POS) terminal maker Pundi X Labs announced plans to expand into the region after striking a distribution deal with Brazilian company BitCapital to have 1,000 of its cryptocurrency-supported XPOS terminals distributed across the country.
The partnership, formed just a few weeks after the establishment of Pundi X’s South American headquarters in Sao Paulo, was the second distribution deal it signed in the continent. Another 1,000 XPOS are expected to be rolled out across Colombia over a six-month period by distribution partner Manticora Capital, a local investment fund.