Bitso, the Mexico-based cryptocurrency exchange, has announced a new partnership with Addem Capital, a debt fund that provides startups and other companies with financing options. The cryptocurrency exchange will process payments for the fund and provide conversion functions, allowing it to accept cryptocurrency as part of its payment options.
Cryptocurrencies and DeFi protocols have the potential to become a driver for financial inclusion in Latin America. Our model intrinsically has some operational complexity, cryptocurrencies come to revolutionize the model through which we operate.
According to Addem Capital’s vision, cryptocurrencies can make the VC funding market for tech companies in Latam grow more — a market that reached $15 billion in 2021, according to a joint statement.
Bitso, as a crypto exchange, will perform the function of a payments provider, receiving the cryptocurrencies from investors, and allowing Addem to convert them to fiat currencies depending on its needs. This will ease the tasks that Addem needs to fulfill related to compliance, with the exchange taking care of KYC (Know Your Customer) and other related procedures.
On the vision that Bitso has regarding the use of crypto for these purposes, Carlos Lovera, business development leader at Bitso, stated:
We understand the great opportunity that cryptocurrencies offer us to revolutionize various sectors, giving entrepreneurs access to investment tools and capital in a faster, simpler and more transparent way, allowing their local development to prosper in a global economy.
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