Last updated on January 2nd, 2018 at 12:00 am
BitPagos is the name of the Bitcoin-related payment processing company that is making the most of the Argentinian crypto-wave. The South-American startup, based in Argentina, recently participated in the latest class provided by the Boost.vc Accelerator program.
Pretty much everybody in the Bitcoin community already heard about the problems affecting the Argentinian peso, like the inflation rate between 10 and 11 percent per year during the last decade, and how that is making people turn to Bitcoin. So, BitPagos decided to add Bitcoin to its processing options and the results are quite positive.
The platform is considered a creative alternative for the banking barrier that is consistently blocking large scale transactions through international exchanges, despite the huge demand. The company is completely focused on the Latin American markets, with a special attention to Argentina, helping to bring Bitcoin into the country’s economy without the need to exchange Argentinian pesos.
By processing credit card and Bitcoin transactions, BitPagos is mainly targeting the merchants most sought out by tourists, like hotels or restaurants. The firm recently reached a combined business volume of $10,000 per week, but most of it still comes from credit cards. However, something is clearly changing. According to Serrano, the merchants initially swapped most of their Bitcoin payments to fiat, but now many are holding between one and 10 BTC and continue to transact with it, even using cryptocurrency to pay their suppliers.
To effectively operate in this market, the startup has partnered up with the Argentine Bitcoin exchange Cryptocambios, which is helping BitPagos making the swaps easier. In Chile, the country BitPagos is now conquering, the platform is going to team up with the exchange Yaykuy.