Editing Bitso

[[wikipedia:Bitso]]

'''Bitso''' is a [[platform]] to buy, sell and use [[cryptocurrencies]] in [[Mexico]] and [[Argentina]]. Founded in [[2014]] by [[Ben Peters]] and [[Pablo González]], it’s the first platform in [[Latin America]] and sixth company worldwide to earn a Distributed Ledger Technology license from the Gibraltar Financial Services Commission (GFSC). <ref>[https://expansion.mx/tecnologia/2019/10/27/sin-dinero-en-efectivo-e-interconectado-asi-sera-el-mundo-en-2069 Sin dinero en efectivo e interconectado, así será el mundo en 2069] en: Expansión. Consultado en 11-12-2019.</ref> The platform has more than 900,000 users.<ref>[https://www.eleconomista.com.mx/sectorfinanciero/El-bitcoin-ya-participa-en-el-negocio-de-las-remesas-Bitso-20190522-0168.html El bitcoin ya participa en el negocio de las remesas: Bitso] en: ''[[El Economista]]''. Consultado el 22-05-2019.</ref>

Bitso has two main products: its mobile [[app]], where users can buy, sell and use [[cryptocurrencies]], including a [[cryptocurrency]] payment service for  merchants; and Bitso Alpha, a cryptocurrency [[trading]] [[platform]]. 

Bitso currently works with ten [[cryptocurrencies]], which can be exchanged in 18 markets. In [[Mexico]], nine of them can be converted directly to [[Mexican pesos]] ''(CRYPTO/MXN)'' and nine of them to Bitcoin ''(CRYPTO/BTC)''.  

While in [[Argentina]], it has an [[Argentine peso]] market to [[Bitcoin]] ''(BTC/ARS)'' and eight [[cryptocurrency]] markets against [[Bitcoin]]. 

The [[cryptocurrencies]] that Bitso supports are: [[Bitcoin]] ''(BTC)'', [[Ethereum]] ''(ETH)'', [[Ripple]] ''(XRP)'', [[Bitcoin Cash]] ''(BCH)'', [[Litecoin]] ''(LTC)'', Basic Attention Token ''(BAT)'', Golem ''(GNT)'', True USD ''(TUSD)'' , Decentraland ''(MANA)'', and DAI ''(DAI)''.

== Regulation ==

=== Gibraltar Financial Services Commission License ===

[[Gibraltar]] is a [[British]] Overseas Territory located at the southern tip of the [[Iberian Peninsula]]. It has taken steps to pioneer the legality and regulation of [[cryptocurrencies|cryptocurrency]] operations within its jurisdiction.<ref>{{Cite web|last=Hoon|first=Iven De|title=Gibraltar introduces a legal framework for cryptocurrency businesses|url=https://nomoretax.eu/gibraltar-legal-framework-cryptocurrency/|access-date=2020-07-10|website=No More Tax|language=en-GB}}</ref> 

In [[July]] [[2019]], Bitso announced that its platform was granted the [[Distributed Ledger Technology]] (DLT) license from the Gibraltar Financial Services Commission ''(GFSC)''. This regulatory framework refers to the guidelines involved in the [[cryptocurrency]] transaction services such as deposits, withdrawals, and trading processes, including the protection or custody of data integrity, effective at Bitso from [[August]] 1, [[2019]].<ref>{{Cite web|date=2019-07-22|title=Bitso becomes first Latin American fintech with international cryptocurrency license|url=https://www.contxto.com/en/mexico/bitso-becomes-first-latin-american-fintech-with-international-cryptocurrency-license/|access-date=2020-07-10|website=Contxto|language=en-US}}</ref> 

This license is based on nine core principles as listed in the DLT regulations, where its primary purpose is to build a rigid legislative framework for businesses while protecting customers and ensuring adequate systems to secure the financial and non financial resources, with a highly prescriptive approach.

== Mexican Fintech Law ==

[[FinTech]] [[startups]] bring a wide range of financial solutions by implementing new [[technology]]. The most common way of marketing for these platforms is through [[websites]], [[apps]] and [[social media]] with the ultimate goal of receiving exposure and increasing their online visibility. <ref name="6 claves para entender la Ley Fintech">{{cite news|last1=Riquelme|first1=Rodrigo|title=6 claves para entender la Ley Fintech|url=https://www.eleconomista.com.mx/sectorfinanciero/6-claves-para-entender-la-Ley-Fintech-20180304-0004.html|work=El Economista|publisher=Periódico|language=es|date=4 March 2018|accessdate=28 October 2019}}</ref>

The most relevant services these companies offer are: [[crowdfunding]], digital assets [[markets]], and personal [[finance]] management. 

Due to the high growth of these companies, the Mexican Ministry of Finance and Public Credit ''([[Secretaría de Hacienda y Crédito Público]])'' joined forces with other financial authorities in order to develop the Financial Technology Institutions Law (Ley de Instituciones de Tecnología Financiera), better known as the “Fintech Law”.<ref>{{Cite web|title=International Comparative Legal Guides|url=https://iclg.com/practice-areas/fintech-laws-and-regulations/mexico|access-date=2020-07-10|website=International Comparative Legal Guides International Business Reports|language=en}}</ref> 

On March 9, 2018, the Fintech Law was signed and published in the [[Diario Oficial de la Federación]], Mexico's federal official daily.<ref>{{Cite web|title=The Mexican Fintech Law: What International Entities Need To Know - Technology - Mexico|url=https://www.mondaq.com/mexico/fin-tech/798318/the-mexican-fintech-law-what-international-entities-need-to-know|access-date=2020-07-10|website=www.mondaq.com}}</ref> 

This legislation positioned [[Mexico]] as a regional leader in [[innovation]], becoming a financial technology regulation pioneer in [[Latin America]]. In 2018 alone, about 100 new fintech companies were created in Mexico.<ref>{{Cite web|title=LatAm turns to Mexico's year-old fintech law as a model for regulation|url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/latam-turns-to-mexico-s-year-old-fintech-law-as-a-model-for-regulation-50081755|access-date=2020-07-10|website=www.spglobal.com|language=en-us}}</ref> 



Isabel Dharanee Vázquez Menchaca, the general director of GMC360 had expressed her view of the Fintech Law in Spanish : {{Quote|''“In the end what this regulation provides is confidence and certainty to the users of financial services, that people are not afraid and that they know there are authorities that protect them, on the other hand it also mitigates the risks of money laundering crimes”''. <ref name="El ABC de la Ley Fintech">{{cite news|title=El ABC de la Ley Fintech|url=https://www.condusef.gob.mx/Revista/index.php/usuario-inteligente/servicios-financieros/1015-el-abc-de-la-ley-fintech|work=Condusef|publisher=Condusef|language=es|date=<!-- Sin Fecha -->|accessdate=28 October 2019}}</ref>|}}

A diverse list of countries are working in the development of their own digital technology legislations such as [[Netherlands]], [[Abu Dhabi]], [[Canada]], [[United Kingdom]], [[Malaysia]], [[Australia]], [[Singapore]] and [[Hong Kong]]. 

Bitso is in the transition period provided by the Fintech law to convert into an Electronic Payment Fund Institution ''(Institución de Fondo de Pago Electrónico)''.

== Related Companies ==

Bitso’s initial plan of action is to make strategic [[partnerships]]. Pablo González, Bitso’s co founder, expressed in a popular website specialized in bitcoin and digital currencies called Coindesk: ''“I think partnerships are a good strategy in this rapidly growing bitcoin economy. (...) Companies have different specialties and purposes, and together we can enhance the user experience and expand bitcoin more efficiently.'' ''<ref>{{cite news|title=El bitcoin crece en México con objetivo de acelerar la inclusión financiera|url=https://www.efe.com/efe/america/mexico/el-bitcoin-crece-en-mexico-con-objetivo-de-acelerar-la-inclusion-financiera/50000545-3982749|work=Agencia EFE|publisher=Agencia EFE|language=es|date=22 May 2019|accessdate=5 November 2019}}</ref>

=== Bitpay ===

In [[2015]], Bitso announced its partnership with Bitpay, the largest bitcoin payment processor in the world. This leading merchant processor works closely with big companies such as [[Microsoft]], [[Paypal]], [[Shopify]], Namecheap and many others. The alliance aimed to the implementation and adoption of digital currency payments in the Mexican merchants, while increasing the number of use cases. <ref>{{cite news|last1=Blog|first1=Bitso|title=BitPay y Bitso anuncian alianza|url=https://blog.bitso.com/bitpay-y-bitso-anuncian-alianza-e3f9ff66f6aa|work=Bitso|publisher=Blog Bitso|language=es|date=19 October 2015|accessdate=28 October 2019}}</ref>

=== Ripple ===

In [[2018]], Bitso announced its partnership with [[Ripple]], including Ripple's XRP-based xRapid platform <ref name="La solución de pagos xRapid de Ripple ya está disponible comercialmente">{{cite news|last1=Alexandre|first1=Ana|title=La solución de pagos xRapid de Ripple ya está disponible comercialmente|url=https://es.cointelegraph.com/news/ripples-xrapid-payments-solution-is-now-commercially-available|work=Coin Telegraph en Español|publisher=Coin Telegraph en Español|date=2 October 2018|accessdate=28 October 2019}}</ref>, focused on building a healthy digital currency exchange ecosystem.

=== Thomson Reuters Eikon ===

In [[April]] [[2018]], Thomson Reuters Eikon, a powerful financial analysis platform for historical and real-time data, partnered with Bitso on its markets’ section to enable real-time prices and charts for [[Bitcoin]], [[Ether]], [[Ripple]], [[Litecoin]] and [[Bitcoin Cash]. <ref>{{cite news|last1=Morales|first1=Carlos|title=Thomson Reuters enlista a Bitso en su servicio de información en tiempo real|url=https://www.forbes.com.mx/thomson-reuters-enlista-a-bitso-en-su-servicio-de-informacion-en-tiempo-real/|work=Forbes México|publisher=Forbes México|language=es|date=3 May 2018|accessdate=28 October 2019}}</ref>

=== Blockstream ===

In [[September]] [[2018]], Bitso communicated the implementation of Blockstream’s Liquid network with the overall goal of providing faster Bitcoin transactions. <ref>{{cite news|last1=Rivero|first1=Jackeline|title=Bitso implementa un nodo de Liquid, la cadena lateral de Bitcoin|url=https://www.criptonoticias.com/mercados/bitso-implementa-nodo-liquid-cadena-lateral-bitcoin/|work=Criptonoticias|publisher=Criptonoticias|language=es|date=28 December 2018|accessdate=28 October 2019}}</ref>

=== RSK ===

In [[September]] [[2018]], Bitso announced its partnership with [[RSK]], a smart contract platform secured by the Bitcoin network, which facilitates the movement of its native token named SmartBitcoin ''(RBTC)''. <ref>{{cite news|last1=Leal|first1=Andrea|title=Bitso incorpora el intercambio de tokens de RSK en su plataforma|url=https://www.criptonoticias.com/mercados/bitso-intercambio-tokens-rsk-rbtc-bitcoin/|work=Criptonoticias|publisher=Criptonoticias|language=es|date=8 December 2018|accessdate=28 October 2019}}</ref>

== Awards ==

* Daniel Vogel, Bitso’s [[CEO]], was granted along with other young people the Innovators under 35 prize ''(Premio Innovadores Menores de 35)'' in [[November 2016]], by the MIT Technology Review magazine in Spanish. <ref>{{cite news|title=Innovators Under 35|url=https://www.innovatorsunder35.com/the-list/daniel-vogel/|work=MIT Technology Review|language=en|date=2016|accessdate=28 October 2019}}</ref>

* At the beginning of [[2019]], Bitso was recognized as one of the 20 most secure crypto [[exchanges]] in the world and the safest in [[Latin America]]. In this study, conducted by ICORating agency, 135 platforms were evaluated. <ref>{{cite news|title=Bitso, el Exchange más seguro en América Latina|url=https://www.marketingdirecto.com/especiales/desde-mexico/bitso-el-exchange-mas-seguro-en-america-latina|work=Marketing Directo|publisher=Marketing Directo|language=es|date=8 February 2019|accessdate=28 October 2019}}</ref>

* In [[March 2019]], Bitso was recognized as one of the best working places in [[Mexico]]. This [[prize]], the Super Working Spaces 2019 ranking ''(Súper Espacios de Trabajo 2019)'', was granted by WeWork, Expansión and Top Companies. <ref>{{cite news|last1=Martínez|first1=Andrés|title=Bitso, uno de los mejores lugares para trabajar en México|url=https://blog.bitso.com/bitso-uno-de-los-mejores-lugares-para-trabajar-en-m%C3%A9xico-4a2621f0e196|work=Blog Bitso|publisher=Blog Bitso|language=es|date=13 May 2019|accessdate=28 October 2019}}</ref>

* During [[April 2019]], the legal team of Bitso was recognized in the ''GC Powerlist - Mexico Teams 2019'' ranking <ref>{{cite news|title=GC POWERLIST: MEXICO TEAMS 2019|url=https://www.legal500.com/assets/pages/cc100/2019/mexico-teams-19.html|work=The Legal 500|publisher=The Legal 500|language=en|date=2019|accessdate=28 October 2019}}</ref>, by The Legal 500, as an innovating and expert team in the digital currency ecosystem and Fintech industry in general. This is in correspondence with the implemented industry-focused practice changes in response to the promulgated Fintech law in 2018. 

* In [[September 2019]], Bitso was considered one of the 10 most outstanding emerging companies to work in Mexico in the first ranking of this kind made by LinkedIn in Mexico:  [[LinkedIn]] Top Startups 2019.  On this list were high growth [[startups]] that are innovators in their respective industry, change the working preferences for candidates around the world, and often impact the way people live and work. <ref>{{cite news|title=LinkedIn Top Startups 2019|url=https://www.linkedin.com/pulse/linkedin-top-startups-2019-las-10-empresas-emergentes-natalia-fabeni/|work=LinkedIn|publisher=LinkedIn|language=es|date=4 September 2019|accessdate=28 October 2019}}</ref>

* In [[February 2020]], the Best Place to Code 2020 promoted by Software Gury was released. The initiative recognized the companies that strive to provide the best possible working conditions for those who perform in the software and information technology areas.  Bitso ranked second place.

== Use Cases for Cryptocurrency ==

[[Online shopping]], sending and receiving [[remittance]] [[payments]], payment for goods and services and alternative investments are some of the many ways that more and more Mexicans are using cryptocurrencies. <ref>{{cite news|last1=Hernández|first1=Antonio|title=Los Mexicanos se apropian de las Criptomonedas|url=https://www.eluniversal.com.mx/cartera/los-mexicanos-se-apropian-de-las-criptomonedas|work=El Universal|publisher=El Universal|language=es|date=30 June 2019|accessdate=28 October 2019}}</ref>

According to the Global Digital Report launched in early [[2019]], [[Mexico]] is the third country in [[Latin America]] with the highest number of [[internet users]] who already have some relationship with [[cryptocurrencies]], below [[Brazil]] and [[Colombia]]. 

This information shows the exponential growth that has taken place in Mexico. The increasing use of cryptocurrencies and the adoption of [[new technologies]] in the lives of everyday citizens, reflected in the rise of [[Fintech]] [[per capita]], are just one of the many reasons linked to the cultural change and economic expansion in [[Mexico]]. 

For example, the goal of the ''Criptometro MX 2018'' was to understand the general knowledge and thoughts of the [[Mexican]] population on [[cryptocurrency]] [[technology]]. This study concluded that 35% of Mexicans who already own cryptocurrencies use them for [[payments]] or [[online shopping]], followed by 32% who save them waiting for a rise in their value and 15% who see them as a potential payment method for merchants. <ref>{{cite news|last1=Pérez|first1=Sandra|title=Lanzan primer estudio de criptomonedas en México: Criptómetro MX18|url=https://www.fortuneenespanol.com/finanzas/primer-estudio-criptomonedas-mexico-criptometro/|work=Fortune en Español|publisher=Fortune en Español|language=es|date=7 August 2018|accessdate=28 October 2019}}</ref>

In this context, Bitso has focused on promoting various use cases of [[cryptocurrencies]] through forums and presentations. Including the implementation of [[payments]] in commercial establishments through ''Bitso Transfer'', a feature of the Bitso application that let’s users send [[Mexican pesos]] or [[cryptos]] instantly without fees. In order to know the list of establishments in [[Mexico]] that already receive payments with crypto or Mexican pesos through Bitso Transfer, Bitso has an updated map.

== Cryptocurrency Campaign Donations in Mexico ==

=== 2017 Puebla Earthquake Relief Donation Campaign ===

The 7.1 magnitude earthquake with epicenter in the Mexican state of [[Puebla]] that struck on [[September]] 19, [[2017]], left considerable damage in the central states of the country. Independent firms have estimated losses between US$4 billion and US$8 billion. This event caused the most  catastrophic damage in [[Mexico City]],  because it was the city with  the greatest number of deaths due to the population density and the structure of the subsoil that amplifies seismic waves motion. 

The #BitcoinAidMexico campaign had started after the [[2017]] [[Chiapas earthquake]], when they had a response from users, donating 124,000 pesos to the [[Red Cross]], one day before the second [[earthquake]]. Because of this situation, Bitso decided to extend the donation campaign four more weeks, explaining that they would contribute the equivalent of 50 percent of the donations made seven days after the earthquake, and then continue with three weeks of [[donations]]. As of [[September]] 24, the campaign had collected 1,223,688 pesos, corresponding to 324 donations in three different digital currencies.<ref>{{cite news|last1=Pérez|first1=Sandra|title=Así es como un exchange de Bitcoin en México ayudó a los afectados del sismo del 19S|url=https://www.fortuneenespanol.com/news/asi-es-como-un-exchange-de-bitcoin-en-mexico-ayudo-a-los-afectad/|work=Fortune en Español|publisher=Fortune en Español|language=es|date=15 May 2018|accessdate=28 October 2019}}</ref>

=== Donadora, Epic Queen and Bitso Donation Campaign ===

Only one in five women has an IT position worldwide, and only 6% of the leadership roles in the [[technology]] sector are held by women, which is why the partnership between Donadora, Epic Queen, and Bitso was formed. The main objective was to promote the participation of women and girls in [[science]], [[technology]], [[engineering]] and [[mathematics]] ''(STEM)'' fields. This campaign also positioned Donadora and Bitso as the first companies to promote [[donations]] through [[cryptocurrencies]] in [[Latin America]]. <ref>{{cite news|title=LA 1ER CAMPAÑA DE CROWDFUNDING EN RECIBIR BITCOINS EN MÉXICO|url=https://epicqueen.com/2019/04/03/la-1er-campana-de-crowdfunding-en-recibir-bitcoins-en-mexico/|work=Epic Queen México|publisher=Epic Queen México|language=es|date=3 April 2019|accessdate=28 October 2019}}</ref>

The campaign was launched on [[March]] 8, [[2019]] during [[International Women's Day]]. It was hosted at the Donadora's platform, where videos and images of the impact from these donations could be seen. <ref>{{cite news|title=Bitso, Donadora y Epic Queen se unen para involucrar a más niñas y mujeres en el sector tecnológico|url=https://www.entrepreneur.com/article/330703|work=Entrepreneur en Español|publisher=Entrepreneur en Español|language=es|date=20 March 2019|accessdate=28 October 2019}}</ref>

== See also ==
* [[Digital currency]]
* [[Global currency]]
* [[Complementary currency]]


{{CC license}}. Source: wikipedia


[[Category:Cryptocurrency]]