Bitso, the crypto-driven financial services company in Latin America, has recently marked its 10th year of year operations in 2024 by announcing that its Bitso Retail division has surpassed 9 million users globally, “tripling its customer base in just three years.”
As of December 2024, the firm has reported steady growth across all regions where it operates with official and regulated platforms.
In Argentina, ranked 15th globally in crypto adoption by Chainalysis in 2024, user transaction volumes quadrupled, “making it Bitso’s fastest-growing market.”
Meanwhile, Brazil (ranked 10th) and Colombia experienced transaction volume increases of 44% and 70%, respectively. Mexico (ranked 14th) led with “over 80% growth in transaction volumes. ”
Among the four countries, Argentina emerged as a rising star, “recording the highest revenue growth (+3.3x year-over-year) and becoming Bitso’s second most important market.”
Brazil and Colombia also delivered significant gains, with revenues “climbing 54% and 58.5%, respectively.”
Mexico, Bitso’s largest market, now accounts for “over 70% of the company’s 9 million-strong customer base.”
2024 has been a pivotal year for the cryptocurrency industry, “marked by key developments such as the Bitcoin halving, the approval of Bitcoin and Ethereum ETFs, increasing private sector adoption, and “renewed government interest globally, particularly in the United States amid the election cycle.”
These factors contributed to Bitcoin surpassing the $100,000 milestone—a market feat “that seemed unattainable just two years ago. ”
Felipe Vallejo, Global Director of Corporate Affairs at Bitso shared:
“This year will be remembered as a historic moment for the cryptocurrency sector, a relatively young industry with just 15 years of existence, in which Bitso has proudly played a significant role for two-thirds of that journey. We are witnessing unprecedented adoption levels and diverse use cases that cater to varying risk appetites and financial objectives. It’s gratifying to see our decade-long commitment to trust and reliability pay off.”
The Bitso Retail division, catering to individual users “on the Bitso and Bitso Alpha platforms, reached 3.5 million users in 2021.”
In three years, that figure has grown to “exceed 9 million.”
This growth is driven not only by market dynamics, such as the “bullish cryptocurrency trends, but also by strategic innovations introduced by Bitso.”
Key highlights include the launch of new crypto assets in the Yields program, expanded token listings, and the “integration of the Lightning Network through a partnership with Lightspark. ”
Vallejo added:
“We remain committed to collaborating with governments and regulators in all our markets to deliver secure and innovative services that empower people to manage and grow their wealth with confidence, just as we have since 2014.”
Bitso offers a digital platform to buy, sell, hold, “earn yields, and transact over 50 cryptocurrencies.” Bitso Business is the firm’s B2B segment with more than 1,700 institutional clients.