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Ripple, Coinbase invest in Bitso as it aspires to enter Latin America

Manu Naik

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Source: Pixabay

Ripple seems to be developing exponentially, as the firm landed several partnerships with prominent banks as well as mainstream companies this year. In a recent update, with investments from Ripple, Coinbase and Jump Capital, Bitso, a cryptocurrency exchange based in Mexico has raised an undisclosed amount. The exchange’s existing investors were Pantera Capital and Digital Currency Group.

The official announcement suggested that,

“Ripple is excited to announce that we are leading an investment round in Bitso, the leading exchange in Latin America.”

Coinbase also seems to be headed towards expansion as the platform has been revealing several developments with the latest one being, its support for Telegram’s soon to be launched cryptocurrency, GRAM.

Furthermore, Bitso’s co-founder and CEO, Daniel Vogel elaborated on the latest investment and said,

“The region (Argentina and Brazil, among other Latin American nations) is ready for disruption and we want to be the ones to do so by radically advancing financial inclusion for everyone.”

This latest development would pose beneficial to Latin America taking into consideration the minimal banking privileges in the region. Recently, restrictions were imposed on the U.S. Dollar purchases as the government was seeking to renew the value of Argentina’s peso in the market. The Brazilian market, on the other hand, has encountered a recession following the mixture of unemployment, low investments, and global slowdown.

Asheesh Birla, the SVP of product management at Ripple further added,

“Bitso is a key infrastructure partner to Ripple, providing critical liquidity for payments in Mexico. The team has built real products and amassed a huge customer base in Mexico, and we look forward to partnering with them in this next stage of growth into Latin America.”

Furthermore, Birla took to Twitter to reveal how Ripple’s partnership with Bitso dates back to 2014 and the latest development would be the next stage of growth while they step into Latin America. Bitso is also the first DLT licensed exchange in the Latin American region.

Manu is a full-time journalist at AMBCrypto covering the US and Indian markets. A graduate in engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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Gemini shines; Binance, Coinbase fall in CryptoCompare’s exchange rankings

Chayanika Deka

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Source: Pixabay

Major cryptocurrency exchanges, Binance and Coinbase, have slipped in the revised version of a cryptocurrency exchange ranking list. The data, compiled by crypto-asset data provider CryptoCompare, was titled ‘CryptoCompare Exchange Benchmark Q3 2019,’ and used a new metric for the latest edition. The tool, dubbed the ‘Exchange Benchmark,’ rested on 30 factors, including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.

Released on 19 September, Winklevoss twins’ crypto-platform Gemini dominated the chart and was graded AA, followed by ItBit at second, Coinbase at third, and Kraken on the fourth position. Notably, Coinbase had previously dominated the June crypto-exchange rankings and was rated AA. Bitstamp, Liquid, OKEx, Poloniex followed suit, and were rated A.

Bitfinex, one of the world’s largest Bitcoin exchanges, was ranked 10th and graded A. Interestingly, Bitfinex wasn’t even in the top 10 of the previously released rankings.

Binance was positioned as the 12th most-trusted exchange with 10.5 points awarded for security. The Malta-based platform slipped four positions since June, when the exchange was ranked 8th. The reason behind the same may be in light of the security breach in May, wherein 7,070 Bitcoins were stolen by hackers in a single transaction.

Additionally, the updated Exchange Benchmark noted that top-tier exchanges graded between AA-B accounted for 33% of the global trading volume. However, lower tier exchanges rated between C-E made up for 67%.

Talking about the Exchange Benchmark tool which is essentially meant to combine both qualitative and quantitative metric data without using volume directly, Charles Hayter, Co-founder and CEO of CryptoCompare, said,

“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”

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