Buda.com reveals the iProUP differences that made it the most important exchange house in Latin America. What will be your competition?
The cryptocurrency ecosystem goes through the end of the year. With the sharp drop in the value of currencies and uncertain future, it faces the challenge of adapting in the face of significant volatility.
However, the blockchain technology and its capabilities in the world of finance are unstoppable. Block-chain applications spread at an accelerated pace between different industries and give life to many different companies.
One of them is Buda.com. She was born in Chile in 2015, Now announced her arrival in Argentina. This is one of them exchange (casas de cambio) the most important cryptocurrencies in the region, according to the CoinMarketCap site.
"In 2014, I met with my partners to reflect on financial services that we could create using technologies such as international transfers or means of payment for those who do not have access to credit cards. And we realized that we needed replacement for all these ideas"explain iProUP Guillermo Torrealba, general manager and co-founder of Buda.com.
"Because there was no quality that gave us confidence, the idea of building Buda.com was born" – he adds.
With an initial investment of $ 600,000 (private) and $ 100,000 in government contributions (Chilean and Colombian), the volume of transactions carried out so far in the platform exceeds USD 100 million, with entries of USD 50 million only in December 2017. In Chile alone has over 100,000 active users.
"Our most typical client is the one who wants to keep their cryptocurrencies with us and settle them at any time, ie a year, two or three years later," says Torrealba.
This platform has its own difference: it is the first in Latin America – and the third in the world – containing Lightning Network technology, which provides the scalability of the Bitcoin network.
This means that it enables millions of transactions per second at a minimum cost, thanks to which the cryptocurrency achieves payment processing speed similar to that of credit cards.
In this sense, Torrealba says: "It is an indispensable tool for massaging" digital currencies because it offers virtually free and instant transactions.
Today, Buda.com is one of the largest cryptocurrency markets in Latin America, with presence in Chile, Colombia and Peru. It allows you to buy and sell Bitcoins, Ether and other virtual currencies.
His last landing in Argentina is not accidental, but rather a long-term consolidation strategy in the region. At this point, the CEO explains that both Chile and Argentina have an important market for consolidation, but in the second they see "more knowledge in the crypto-currency community".
From the perspective of a specialist, this is due to the frequent crises that the country has undergone. "Bitcoin is more useful in Argentina because of the economic instability it has undergone," he argues.
In the current scenario, its goal for 2019 is to establish itself as one of the main investment alternatives.
"In 2019, we intend to continue to introduce new cryptocurrencies and markets, and to continue technologies such as Lightning Network, which we believe may differ in the future of Bitcoin."explains Sebastián Resano, Country Manager of Argentina de Buda.com, and iProUP.
Bitcoin ATMs: reality in Argentina
In Argentina, the regulations were more flexible with regard to ATMs, which facilitated the installation of virtual currency conversion units.
As predicted iProUPAthena Bitcoin installed the first ATM designed to exchange digital currencies, predicting that these machines will soon be spreading in Buenos Aires.
Matias Goldenhorn, the company's director for Latin America, said that they would initially install 12 ATMs in the city, and then they would systematically grow.
These units will work with Bitcoin and other cryptocurrencies, such as Litecoin, Ethereum and Bitcoin Cash.
A solid ecosystem
According to Bitex estimates, the total market in bitcoins in this country ranges from 200,000 to 300,000 users.
Today, Buenos Aires is the second market with the highest concentration of this virtual currency around the world. Thanks to the decentralized and open model (which does not depend on banks and governments), more and more people are turning to this market.
"Everyone can participate in this market"He explained iProUP Manuel Beaudroit, co-founder and CMO of Bitex.la, an Argentine company providing financial services on bitcoin blockchain, to buy this currency and make payments.
Local companies, paying attention to this adoption boom (which was not affected by the fluctuations that crypto companies have suffered in 2018), carried out plants of various caliber related to trade based on digital currencies.
In October Garbarino Viajes became the first tourism company to accept bitcoins as a payment instrumentHe did it thanks to the Bitex contract, which offers various services related to blockchains and cryptocurrencies.
In this way, when the buyer decides on the trip and then goes to the payment means section, he will find a chance to pay BTC.
"During this time, the system will provide an exchange rate in which the crypto-currency is located, and precisely specify the amount to be paid", Stressed Fabián Schiavo, CEO of Garbarino Viajes.
In the company, they decided to proceed with the inclusion of the digital currency as part of a wider strategy aimed at incorporating blockchain technology into the transaction process, as it is the safest alternative to this type of operation.
"We started with Bitcoin because everything that concerns blockchain will revolutionize the market and we had to start with something else" – added the director.
On the other hand, Argentine users of Ripio, a local company offering various bitcoin services, can now instantly transfer their money available in the Mercado Pago to the digital wallet.
This is the first Mercado Libre alliance with a cryptocurrency company.
Thanks to direct integration, money transfers between both platforms are implemented immediately.
After accreditation, Ripio users (over 200,000) can immediately use their balance to get bitcoins, recharge your mobile phone and many other options.
Initiatives do not end there. The Bitcoin exchange platform, SatoshiTango, has presented a service that will allow its users to exchange BTC for cash using the RapiPago platform.
According to Matías Bari, general manager of the startup, you can change the cryptocurrencies and get the Argentinean peso in any of the 4000 RapiPago locations created in this country.
In this respect, he pointed out that the maximum amount available is 10,000 Argentinean pesos. To access the service, the user must sell his bitcoins from his account and select RapiPago as payment. With the order number and document, you can extract money anywhere in the chain.
The exchange platform already has over 80,000 active users per month and allows you to buy and sell bitcoins even in dollars or euros.
During the turbulent closing of the year, the price of Bitcoin fell by almost 80%. However, they are optimistic in the cryptographic ecosystem because they believe that volatility is typical of assets that go through their initial stage.
"The price of Bitcoin has always been unstable, which has been largely explained, because it is a financial asset that is still immature"said the general manager.
He also stressed the importance of looking at a set of innovative solutions, increasing their ecosystem, and not so much the price.
"Ideally, you can choose the temporality of two years and you'll notice that Bitcoin's price has increased by more than 100%," Resano said.
And closed: "This currency is more vibrant than ever, but not for those who only look at the price, but for those who focus on development and technology"
Confidence in digital currencies is full. We need to check if the market, technology and society are becoming more frequent, 2019.
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