Bitso says it doubled its Latin America customer base in the past year

Crypto exchange Bitso doubled its customer base in the past year to more than 6 million customers in Latin America, citing increased crypto adoption in the region.

Bitso is based in Mexico City and licensed in Gibraltar. The exchange operates in Argentina, Brazil, Colombia and Mexico. It now has about 1 million users in Argentina and more than 1 million in Brazil, a spokesperson told The Block.

Bitso laid off 80 members of its staff in late May as the crypto winter started to set in, saying that the fast-paced crypto industry required it to «constantly remix» its high-value skills. The company currently has 31 open jobs listed on its website. Mercado Bitcoin parent 2TM and Buenbit also announced layoffs this year.

Bitso contended that it is using the down market cycle to build new products. The company has attracted 1 million of its customers to its Bitso+ feature, which advertises the ability to earn up to 8% yields on the BTC, ETH and USDC already in customers’ wallets.

The exchange recently introduced QR crypto payments in Argentina and is gearing up to launch a new crypto card in Mexico with Mastercard that includes cash-back rewards denominated in bitcoin.

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