The Seychelles-based
cryptocurrency exchange Bitget has set its sights on expanding its presence in
Latin America, according to Maximiliano Hinz, the company’s Director of Growth
for the region. To gain a foothold, Bitget plans to increase its local team and
focus on beginner-friendly products that don’t require constant portfolio
oversight.
Bitget is
currently ranked as the 14th largest globally, but it has aspirations to climb
higher in this ranking. As a result, it is searching for new markets where it
could carve out a bigger piece of the cryptocurrency pie. According to Hinz,
Latin America is an interesting target, although the region is dominated by
major players such as Binance and Bitso.
In an
interview with Valor, Bitget’s Latin America Growth Director said the
exchange ‘s Copy Trading tool gives it an edge for less active traders. The
feature lets users automatically mimic the positions and returns of seasoned
professionals at Bitget.
“We
want to provide an alternative. Currently, you either buy crypto for the long
run or need to be an expert. Most people trading on our platform have other
jobs,” Hinz explained for Valor. He believes Bitget’s user experience
gives it a leg up on rivals.
Bitget and Binance Rivarly
Bitget and
Binance are even dueling over celebrity sponsorships. After Binance inked a
deal with soccer superstar Cristiano Ronaldo in June 2022, Bitget responded by
partnering with Ronaldo’s longtime on-field rival, Argentine great Lionel
Messi, in October. And although Messi has been a brand ambassador for a year and a half, Bitget is now trying even harder to leverage the region’s love for football to attract local traders to its offering.
Atención #Argentina 🇦🇷 #MuyPronto
⚽️El #FootballChallenge que estabas esperando.
Mantenete atento!📍Buenos Aires #Argentina
¿Qué te gustaría que ocurra?#HacéQueCuente#MakeItCount@bitgetglobal #EventWithBitget#Staytuned pic.twitter.com/tMh4FwB8SX— Bitget Español (@BitgetES) February 19, 2024
However,
both exchanges also face mounting regulation in Latin America, especially in
Brazil, the region’s largest crypto economy. Brazil’s central bank is drafting
new rules around licensing, asset segregation and consumer protections after
the FTX collapse in the US.
“In
the case of Brazil, we must work in a regulated manner. Brazil is very
important,” Hinz commented. As further explained, he would welcome sensible
rules that don’t completely stifle innovation.
Bitget is
currently beta testing a local debit card offering after assembling an
80-person Latin America team. It aims to double that headcount over the next 24
months.
A step towards global expansion was also taken at the beginning of February when the company hired Alvin Kan as its new Chief Operating Officer for its Web3 service, Biget Wallet. The exchange aims to increase the reach not only of its trading platform but also of the product allowing for the storage of digital assets.
The Seychelles-based
cryptocurrency exchange Bitget has set its sights on expanding its presence in
Latin America, according to Maximiliano Hinz, the company’s Director of Growth
for the region. To gain a foothold, Bitget plans to increase its local team and
focus on beginner-friendly products that don’t require constant portfolio
oversight.
Bitget is
currently ranked as the 14th largest globally, but it has aspirations to climb
higher in this ranking. As a result, it is searching for new markets where it
could carve out a bigger piece of the cryptocurrency pie. According to Hinz,
Latin America is an interesting target, although the region is dominated by
major players such as Binance and Bitso.
In an
interview with Valor, Bitget’s Latin America Growth Director said the
exchange ‘s Copy Trading tool gives it an edge for less active traders. The
feature lets users automatically mimic the positions and returns of seasoned
professionals at Bitget.
“We
want to provide an alternative. Currently, you either buy crypto for the long
run or need to be an expert. Most people trading on our platform have other
jobs,” Hinz explained for Valor. He believes Bitget’s user experience
gives it a leg up on rivals.
Bitget and Binance Rivarly
Bitget and
Binance are even dueling over celebrity sponsorships. After Binance inked a
deal with soccer superstar Cristiano Ronaldo in June 2022, Bitget responded by
partnering with Ronaldo’s longtime on-field rival, Argentine great Lionel
Messi, in October. And although Messi has been a brand ambassador for a year and a half, Bitget is now trying even harder to leverage the region’s love for football to attract local traders to its offering.
Atención #Argentina 🇦🇷 #MuyPronto
⚽️El #FootballChallenge que estabas esperando.
Mantenete atento!📍Buenos Aires #Argentina
¿Qué te gustaría que ocurra?#HacéQueCuente#MakeItCount@bitgetglobal #EventWithBitget#Staytuned pic.twitter.com/tMh4FwB8SX— Bitget Español (@BitgetES) February 19, 2024
However,
both exchanges also face mounting regulation in Latin America, especially in
Brazil, the region’s largest crypto economy. Brazil’s central bank is drafting
new rules around licensing, asset segregation and consumer protections after
the FTX collapse in the US.
“In
the case of Brazil, we must work in a regulated manner. Brazil is very
important,” Hinz commented. As further explained, he would welcome sensible
rules that don’t completely stifle innovation.
Bitget is
currently beta testing a local debit card offering after assembling an
80-person Latin America team. It aims to double that headcount over the next 24
months.
A step towards global expansion was also taken at the beginning of February when the company hired Alvin Kan as its new Chief Operating Officer for its Web3 service, Biget Wallet. The exchange aims to increase the reach not only of its trading platform but also of the product allowing for the storage of digital assets.