Buenos Aires will be Nexo’s regional center to invest in Argentina, Peru and Mexico.
The rapid adoption of cryptocurrencies in Latin America motivated the decision.
Nexo, a Swiss-based cryptocurrency platform with $11 billion in assets under management, today announced the acquisition of the Argentine exchange Buenbit.
“This strategic transaction marks a milestone in Nexo’s global scalability,” held the company in the statement. The initiative seeks to unite its liquidity infrastructure and products with the local expertise and customer base of the Buenbit cryptocurrency exchange.
According to the company, Latin America is the most promising digital asset market in the world. This motivated them to buy the exchange, which is driving adoption in Argentina and Peru.
Argentina has long been a testing ground for fintech innovation. By joining a team that knows this market inside out, we take a safe first step to bring Nexo’s global resources to a local context.
Antoni Trenchev, co-founder of Nexo.
From Argentina to Latin America: what Nexo is looking for with Buenbit
As part of its annual strategy for the region, Nexo will develop operations in Buenos Aires as its regional center for future alliances and investments in Argentina, Peru and Mexico.
Federico Ogue, CEO of Buenbit, classified the event as “a natural step” in its evolution to expand its operations. In their opinion, the local vision and breadth of products can drive innovation in Argentina, where preserving value is essential, which they hope to extend to the entire region.
In Latin America, where inflation, volatility and limited access to credit continue to undermine long-term savings, Nexo highlights that cryptocurrencies are becoming more relevant. Among its services for this, it highlights functions such as returns and credits backed by cryptoassets.
Buenbit, which is regulated in Argentina as a virtual asset service provider (PSAV) by the National Securities Commission (CNV), was founded in 2018 by Julián Fraiese and Federico Ogue. Until now, has processed more than 2 billion dollars.
While the company will now be taken over by Nexo, the completion of the transaction is subject to regulatory approvals. This initiative takes place while, as reported by CriptoNoticias, Argentina remains one of the countries with the greatest adoption of cryptocurrencies, despite the fiscal measures that hit the sector.