Bitso reaches 1 million customers and joins Zetta

The Mexican exchange Bitso has already reached the mark of 1 million customers in Brazil and says that this period of low cryptocurrency quotes is useful for creating new products. “It’s a year of construction,” the company’s CEO, Thales Freitas, who took over last April, told Blocknews. “We want to be an ecosystem, creating products that go beyond buying and selling cryptocurrencies,” he added.

Bitso arrived in Brazil just over a year ago, in a period when many other brokers came here. According to data from Cointrade Monitor, it was 11th in daily trading volume in May. The company says it has quadrupled its market in six months. To grow, it is adopting a marketing strategy of “provocation of reach” to grow, defines the director of the area in the company, Antônio Mota.

This includes the sponsorship of São Paulo Futebol Clube, which has a fan base of around 20 million people and actions linked to this, for example, the purchase of tickets for the team’s games with crypto – the first action of its kind in Brazil. In addition, it sponsors the Cartola FC gaming platform. It is a similar strategy to that of Mexico, where it is the market leader and sponsors the country’s soccer team and now the Tigres team.

Bitso expands hiring in Brazil

Now, Bitso announces that it has joined Zetta, an association of technology and finance companies with its competitor Mercado Bitcoin, Nubank, Creditas and Mercado Pago. The company says it joins the institution as part of its strategy to build the country’s regulatory environment. So much so that it is meeting with regulators, such as the Central Bank, to discuss the matter. Recently, the company hired Karen Duque as head of Public Policy for Brazil. In total, there are about 170 Brazilians in the brokerage’s operation, here and abroad.

Asked if the arrival of Coinbase means union with Bitso’s operations, Freitas said there are no indications of that. The broker invests in Bitso through its venture capital arm,

The attractiveness of Brazil is, according to the company, in data such as that more than 14% of Brazilians already have cryptocurrencies, as pointed out by a survey by Finders. And that another 36 million are planning to buy crypto in the coming months, meaning the country is expected to lead the way in cryptocurrency adoption in Latin America by 2023, according to research by Sherlock Communications.