Contxto – Political instability isn’t stopping Bitex from pursuing bigger and better plans in Chile. Who knows—perhaps they even relish it? The Argentine payment solution leveraging blockchain technology recently announced plans to expand regional operations with its western neighbor by the end of 2019. 

“By next year, we see things accelerating,” said Manuel Beaudroit, chief marketing officer for Bitex. His company has built a reputation around reliable international money transfers using blockchain and crypto technologies.

According to his conversation with BNamericas, Beudroit anticipates launching two pilots with Chilean financial service players before 2020 arrives. Part of this effort also involves debuting similar projects with four to six regional financial service companies throughout the upcoming year.

Essentially, the intention is to reduce friction in the regional financial industry. 

International crypto money transfer

Today, Bitex runs operations in Argentina, Chile, Paraguay, and Uruguay. Moreover, it is preparing to premiere in two new markets in the near future. Since its 2014 founding, the company has also developed a network of 55 payment partners across the region and elsewhere.

In concrete terms, the Argentine cryptoexchange combines blockchain and Bitcoin to permit the easy transfer of funds. Thanks to this solution, the financial service provider warrants low processing costs and minimal commissions.

In the end, it has become an undeniably useful resource for banks and small and medium-sized enterprises (SMEs), especially exporters.

Bitex sees opportunity in Chile

Despite debuting in Chile in April, Beaudroit contends that his company’s commitment to the country hasn’t altered. For example, while Chile is among the most developed nations in the region, its national currency recently hit a low.

As Chileans continue to demand constitutional amendments, the executive still sees an opportunity area. “Regardless of all the popular uprisings and the protests, it seems to me that the opportunities are still there,” said Beudroit.

“We continue to believe that there is an opportunity to provide better financial services to the Chilean public.”

For Beudroit, he also predicts that cryptocurrency adoption will experience an upward trend. This is particularly true with banks taking more interest in the sector as of recently.