Argentinean crypto exchange Buenbit made its consumer-focused crypto trading app available in Peru this week, aiming to give residents of that country more alternatives to save and invest in light of increased inflation in recent months.
“Over the long term, the intention is to establish ourselves as a successful fintech in the same way as in Argentina, and to be among the most-used platforms in the country,” Buenbit CEO Federico Ogue said in a press release.
The mobile app, available for iOS and Android, offers Peruvians the ability to trade the following cryptocurrencies: BTC, ETH, DAI, ADA, MATIC, SOL, DOT and BNB. The app supports transfers to local bank accounts in Peru, and supports both U.S. dollars as well as the Peruvian Sol. Buenbit adds that 95% of its funds are in cold wallets.
Buenbit, founded in 2018, announced in June that it had raised $11 million in a Series A funding round led by London-based Libertus Capital. It has about 470,000 customers in Argentina and Peru.
The exchange first broke into the Peruvian market in May with the launch of its Buenbit PRO trading platform for businesses doing over-the-counter (OTC) trading. That product launched with support for BTC, ETH and DAI.
Buenbit hopes to continue expanding into Latin America's biggest fintech markets, including Mexico, Brazil and Colombia. In a recent interview with the Block, Ogue said that the exchange hopes to complete a sizable Series B funding round by the end of the year with new investors.
Buenbit is hoping that Peruvians will turn to cryptocurrencies in light of the country's current economic environment. According to Peru’s national statistics institute (INEI for its name in Spanish), the country saw inflation of 5.23% between Oct. 2020 and Sept. 2021 — the highest annual rate in more than 12 years according to Lima-based newspaper El Comercio.
Meanwhile, the wider region of Latin America has also grappled with price increases since the COVID-19 pandemic began.
Buenbit has found success in its home of Argentina, where the volatile peso currency and restrictions on obtaining dollars make a case for alternative methods of saving and investing. As a result, Buenbit has diversified its products there with products like a prepaid Mastercard, which can be loaded with Argentine pesos purchased with crypto using a single app.
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