Contxto – Banexcoin isn’t cowed by prior hostilities shown by regulators and traditional banks regarding cryptocurrencies. In fact, the startup believes the time is right to expand beyond Peru.
The two-year-old fintech recently disclosed it intends to launch its crypto exchange platform into Venezuela, Mexico, and Argentina.
For Banexcoin, the tides are shifting and some participants in the fintech ecosystem are opening up to the possibility of handling cryptos. So to strike while the iron is hot, it’s expanding into more of Latin America.
The fintech told Contxto it will kick-off operations in Venezuela and Argentina this year. It will then reach Mexico in January of 2021.
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“Bitcoin is not Beelzebub,” says Banexcoin
Traditional banks and most governments in Latin America get the hives when asked about cryptocurrencies. Consequently, most prefer to avoid the subject altogether and have no regulatory framework in place.
This poses a serious problem for cryptocurrency startups and has led to them petitioning for specific laws that address digital assets.
However, Peruvian-Venezuelan Banexcoin has an unorthodox answer.
“We want to become Latin America’s crypto-bank,” says Merbin Rangel, Founder and CEO at Banexcoin.
The startup hopes that by complying with the regulations and standards a typical bank follows, his startup will acquire the credentials and credibility to be allowed to operate.
And he believes that Peru is the perfect place to start.
“There’s no reason to believe nothing will ever change. Here [in Peru] regulators have never Satanized cryptocurrencies, they’ve never pursued [cryptocurrency users]. They’ve never been absolute,” Rangel told Cryptonoticias.
Venezuelans and cryptocurrencies
Banexcoin isn’t the first cryptocurrency startup outside of Venezuela that’s founded by a Venezuelan.
Expat Jorge Farías runs Cryptobuyer from Panama but has plenty of projects in his native country (and beyond). Earlier this year, the startup installed its first cryptocurrency ATM in his native country.
Another example is Venezuelan Simón Chamorro. The entrepreneur launched Valiu to help the regional remittance market and the startup has recently been working with crypto-dollars.
Uncoincidentally Valiu is headquartered in Colombia, one of the biggest destinations for Venezuelan immigrants.
Venezuela’s economic crisis is putting pressure on its population. But it’s also forging entrepreneurs with out-of-the-box solutions using cryptos.
Not only that, but even Venezuela’s own Nicolás Maduro has launched and preached the use of its national cryptocurrency, Petro. The question is not whether crypto is going to change Latin America’s financial landscape, the question is rather how?
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