- Argentine cryptocurrency exchange firm is offering crypto trading services to customers in Peru through its app.
- The platform will support trading in eight digital currencies and transfers to domestic bank accounts.
Argentine exchange and cross-border payment platform Buenbit has launched its user-oriented crypto trading app in Peru. Locals see the development as a viable alternative means to invest and save money as inflation figures hit the roof.
The inflation rate in Peru has been on the rise in recent months, forcing the government to double the interest rate in a bid to curb the crisis.
In September, the inflation figures surged by 5.23%, the highest data recorded since February 2009.
“Over the long term, the intention is to establish ourselves as a successful fintech in the same way as in Argentina, and to be among the most-used platforms in the country,” Buenbit CEO Federico Ogue was quoted to have said in an official release.
Using Buenbit’s crypto trading app, Peruvians will be able to trade up to eight cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Binance coin (BNB), Solana (SOL), Cardano (ADA), Polygon (Matic), Polkadot (DOT), and stablecoin DAI.
Customers can use the US dollars or Peruvian Sol to transact on the app, which also allow transfers to local bank accounts.
Earlier this year, in July, Buenbit raised $11 million from a Series A funding led by Libertus Capital. Part of that investment was used to fund the firm’s expansion into the Peruvian market.