In Mexico, Bitso holds an impressive 99.5% share of the cryptocurrency trading volume, as disclosed in Kaiko’s report on the state of the LATAM crypto markets. Throughout 2024, Bitso managed transactions valued at MXN 4,215.4 million, showcasing its dominance over competitors like Binance and Bitfinex, which reported much lower trading volumes in the country.
As highlighted in Kaiko's analysis, Bitso's popularity can be attributed to its competitive fee structure, offering maker and taker fees at 0.075% and 0.098% respectively for BTC markets, in contrast to 0.5% and 0.65% for MXN-denominated markets. The report also notes a consistent growth in monthly trading volumes in Mexican pesos since September 2023, although not reaching the levels observed in early 2023.
Kaiko's findings suggest that favorable political and monetary conditions in Latin America are driving the adoption of cryptocurrencies in the region. Cryptocurrencies are increasingly being used in combating inflation, particularly evident in countries like Argentina. This shift towards crypto adoption could potentially lead to broader usage across the region, with stablecoins dominating exchanges and Bitcoin emerging as a preferred store of value against the volatility of local currencies.
The research team at Crypto News Flash has previously reported on Latin America's economic transitions and crypto policies, underscoring the region's crypto market as a promising sector with vast potential for growth.
