455m people have access to the internet in Latin America from a population total of 696M. On the surface, it is quite plausible to deduce that this region is digitally forward in all aspects, but this is not the case- especially in finance.
Currently, there are approximately 191M unbanked citizens in the Latin American region. Reasons for being unbanked range from lack of trust in traditional finance institutions to inexposure to the benefits of digital banking as well as the ever-growing Inflation rates responsible for plummeting the purchasing power of the people.
As for the banked citizens, the low-interest rates, banking fees, and regulations stifle the incentive to keep relying on traditional banks, however, these conditions also present an opportunity for a more efficient digital finance landscape. One that provides a combination of the security and trust that citizens are used to in traditional finance but also hedges against inflation with less tumultuous regulation.
AgenteBTC is a cryptocurrency exchange platform that is tailored to serve the digital finance needs of the Latin American region, specifically in Peru.
The platform boasts product features such as
- Custodial Wallets– which enables AgenteBTC to shield users from breaches, providing an additional layer of security for their funds and tokens.
- Over-the-Counter Trading( OTC)– For users who desire an additional layer of privacy in their crypto transactions.
- Remittance– A speedy way for citizens to send and receive money for various reasons that can take longer with traditional services like Moneygram and Western Union.
The reception of cryptocurrency in Latin American countries like Mexico, Peru, Colombia, and Argentina is at an all-time high, signalling to players like AgenteBTC who exist to drive crypto adoption in these regions that there is a product-market fit.
According to a survey by Bloomberg, the two major reasons that served as a barrier to crypto adoption for people in the Latin American region are
– A lack of understanding on the topic of cryptocurrency( purchase, investing, and selling)
– A lack of understanding of how the technology works
This is understandable as a quick Google search on the meaning of Bitcoin provides content that is catered to a primarily English-speaking audience with eurocentric contexts and pointers.
Agente BTC diversifies from the competition by honing in on localized content (language and context) that centres on the experience of Latin America and provides clarity and the next steps to drive adoption.
An additional diversifying advantage is that the company possesses 12,000 Cash-to-crypto physical points throughout Peru that provide citizens with easier access to convert their fiat currencies to crypto and vice versa, this will enable the brand to establish trust with users and also reduce the hassle of users having to make bank deposits before investing their money in crypto.
At Aveslair, we are thrilled to have invested in AgenteBTC as their localization expertise in driving crypto adoption to the Latin American region is a positive signal for compound growth in the coming years.
With a compelling product stack and an experienced team boasting more than 25 years of experience in traditional and digital asset finance, we are excited to be on this journey with the company.
Led by Victor Egoavil, CEO and Founder of AgenteBTC, and his driven team of co-founders, AgenteBTC is committed to disrupting the barrier of entry to crypto with hyper-local techniques, and aggressive marketing, and financially incentivized operators and we are excited for what the future holds.