Bittrex is one of the leading cryptocurrency exchanges in the world and they’re now setting their sights on expansion.
With the addition of fiat deposits early this year, Bittrex has been undergoing a complete change of their services. Being in the industry for a few years, they have just recently received the regulatory approval to allow for easy, one-day fiat deposits. Now, the exchange has announced its plans to expand further south.
According to an announcement made today, Bittrex is partnering with Crypofacil, a fintech digital asset trading firm. Based in Uruguay, they are looking for this partnership to allow for an expansion into Latin America and the Caribbean. The announcement has said that the plan is for their partnered exchange to trade some 200 digital currencies with the help of Bittrex’s existing platform technology. Cryptofacil will be in charge of customer operations, legal compliance, and marketing.
Cryptofacil is still a young company. Founded just this year in Uruguay, they have developed their own digital asset trading platform customized for Latin America and the Caribbean. Available in Spanish, Portuguese, and English, they are licensed from Bittrex. All being said, the continued close relations and possible merging of these two companies indicates that Bittrex is looking at the Americas as their main base of operations. Given that Latin America has been keen in showing an interest in the cryptocurrency space, this move will work to resolve many of the liquidity problems in the space.
Unlike Cryptofacil, Bittrex has been around for quite a long time with tested experienced. Founded in 2014 by cybersecurity engineers, Bittrex prides itself on never being hacked. Although their volume slumped as a result of the bearish market this past year, the addition of fiat deposits and a complete overhaul of their UI has brought back many of their older customers. With this move, it is evident that Bittrex is undergoing a complete restructuring of its goals and is looking to enter crypto markets still untapped.
The co-founder of Cryptofacil, Andres Szafran, has said that:
“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: a simple and easy to use cryptocurrency platform with superior customer support and value-added services in a safe and secure environment.”
Cryptofacil could very well experience an upsurge in volume as a result of the new partnership and possible merger with Bittrex. At the time of writing, Bittrex trades some $86 milloin in digital assets daily. This number has grown substantially since the exchange’s structural changes have been put into effect the past few months.