Bittrex has partnered with Cryptofacil, a new crypto exchange headquartered in the South American nation of Uruguay, to launch a crypto exchange across the Caribbean and Latin America. This is a major milestone since this region has lacked a major crypto exchange up until now. This new exchange will have over 200 cryptocurrencies and 270 token pairings.
Crypto exchanges are one of the most critical pieces of infrastructure for the adoption of crypto. Exchanges, like the one Cryptofacil is launching, provide a conduit for fiat currency to flow into and out of the crypto markets. Latin America and the Caribbean have numerous different fiat currencies, and major offshore crypto exchanges that usually only deal with USD, EUR, and JPY are simply inadequate. This launch is implicitly saying they will be making connections with banks in each nation in the region, to provide crypto trading for each type of fiat in the region.
Once Cryptofacil is fully launched, citizens of Latin America and the Caribbean will be able to buy and sell crypto with their native fiat currencies, massively accelerating crypto adoption and the usefulness of crypto in the region. There are hundreds of millions of people living in this region, so this is a major development.
Bittrex will provide essential infrastructure and liquidity for Cryptofacil. Bittrex has tens of millions of dollars in trading volume per day; Cryptofacil can connect with this trading liquidity, which will give its customers optimal trades even when this new exchange is just starting. Additionally, Bittrex is one of the biggest exchanges in the United States, and its experience will help guide Cryptofacil through complex international regulations.
Bittrex CEO, Bill Shihara, says, “Bittrex works every day to advance blockchain technology and this partnership with Cryptofacil will further drive its worldwide adoption. Cryptofacil and Bittrex will provide Latin American and Caribbean customers a reliable, fast and secure trading platform that also offers access to some of the world’s most innovative blockchain projects. As we continue expanding our global footprint, it is partnerships like this one that will serve to not only support the blockchain industry, but also to incubate innovative projects using this revolutionary technology.”
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