The Seychelles-based cryptocurrency exchange Bitget has set its sights on expanding its presence in Latin America, according to Maximiliano Hinz, the company's Director of Growth for the region. To gain a foothold, Bitget plans to increase its local team and focus on beginner-friendly products that don't require constant portfolio oversight.
Bitget Looks to Expand in Latin America despite Stiff Competition
Bitget is currently ranked as the 14th largest globally, but it has aspirations to climb higher in this ranking. As a result, it is searching for new markets where it could carve out a bigger piece of the cryptocurrency pie. According to Hinz, Latin America is an interesting target, although the region is dominated by major players, such as Binance and Bitso.
In an interview with Valor, Bitget's Latin America Growth Director said theexchange's Copy Trading tool gives it an edge for less active traders. The feature lets users automatically mimic the positions and returns of seasoned professionals at Bitget.
"We want to provide an alternative. Currently, you either buy crypto for the long run or need to be an expert. Most people trading on our platform have other jobs," Hinz explained for Valor. He believes Bitget's user experience gives it a leg up on rivals.
Bitget and Binance Rivarly
Bitget and Binance are even dueling over celebrity sponsorships. After Binance inked a deal with soccer superstar Cristiano Ronaldo in June 2022, Bitget responded by partnering with Ronaldo's longtime on-field rival, Lionel Messi, in October. And, although Messi has been a brand ambassador for a year and a half, Bitget is now trying even harder to leverage the region's love for football to attract local traders to its offering.
Atención #Argentina ???????? #MuyPronto ⚽️El #FootballChallenge que estabas esperando. Mantenete atento!????Buenos Aires #Argentina¿Qué te gustaría que ocurra?#HacéQueCuente#MakeItCount@bitgetglobal #EventWithBitget#Staytuned pic.twitter.com/tMh4FwB8SX
— Bitget Español (@BitgetES) February 19, 2024
However, both exchanges face mounting regulation in Latin America, especially in Brazil, the region's largest crypto economy. Brazil's central bank is drafting new rules around licensing, asset segregation and consumer protection after the collapse of FTX in the US.
"In the case of Brazil, we must work in a regulated manner. Brazil is very important," Hinz commented. As further explained, he would welcome sensible rules that don't completely stifle innovation.
Bitget is currently beta testing a local debit card offering after assembling an 80-person Latin America team. It aims to double that headcount over the next 24 months.
A step towards global expansion was taken at the beginning of February when the company hired Alvin Kan as its new Chief Operating Officer for its Web3 service, Bitget Wallet. The exchange aims to increase the reach not only of its trading platform but also of the product allowing for the storage of digital assets.
This article was written by Damian Chmiel at www.financemagnates.com.
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