Bitso Creates Transparency Roadmap

UTC by Sanaa Sharma · 3 min read
Bitso Creates Transparency Roadmap
Photo: Shutterstock

Bitso recently added to a group of worldwide firms in the crypto industry, that are trying to construct an easily understandable report so that clients can interpret for themselves if the firms have the capital to forward future transactions.

Mexican cryptocurrency firm Bitso has disclosed a transparency roadmap, as customers push for more information after the downfall of popular cryptocurrency exchange FTX.

Recently last month, FTX filed for cover in the United States after authorities extracted $6 billion from the platform in a couple of days and competitor trading firm Binance abandoned a rescue agreement. Bitso, which has operations in Mexico, Brazil, Columbia, and Argentina, will reveal a solvency report in less than a month and is in the course of selecting an exterior associate to carry out an audit, Bitso’s Chief Regulatory Officer Felipe Vallejo suggested Reuters.

Bitso recently added to a group of worldwide firms in the crypto industry, that are trying to construct an easily understandable report so that clients can interpret for themselves if the firms have the capital to forward future transactions.

According to Vallejo, the evidence of capital disclosed by some companies is not enough since they are specifically showing the assets withheld and do not reflect how much cryptocurrency or money it owes their clients. FTX collapse has also led to a hasty environment for crypto regulation, as explained by the chair of the world securities watchdog IOSCO Jean-Paul Servais in an interview.

Regulators are constantly trying to improve their actions and direct more supervision toward the crypto industry. Brazilian legislation has consequently hastened up the regulation process, with the United States Congress expecting to come up with better measures in the upcoming year to run the massive crypto industry.

The Bitso Program is all set to persist with its near-term plans since its implementations consist of brand-new schemes, according to Vallejo.

Bitso was founded in 2014 by Ben Peters and Pablo Gonzalez. It was Mexico’s First Bitcoin Exchange, which was also employing a Ripple Gateway by enabling the international flow of pesos, US dollars, and Bitcoin with the idea of promoting US-to-Mexico remittances.

A fortnight ago, Bitso also launched QR payments for tourists in Argentina, allowing clients from across Latin America to carry out purchases with crypto tokens in a user-friendly manner. The cryptocurrency platform, which presently has more than six million clients across LATAM, is toiling to make crypto payments useful and facile for international tourists in Argentina after Bitso’s September launch of the QR crypto payments service to Argentina citizens.

With the launch of this QR payment system, Bitso became the first company to provide QR payment services in Argentina. The inauguration of this system is specifically useful in Argentina, where QR codes are one of the most common modes of payment with the statistics showing that more than 59% of Argentinians use QR codes.

Blockchain News, Cryptocurrency news, News
Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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