Mexico
Cryptocurrency information about Mexico
How many crypto owners in Mexico?
It is estimated that over 3.1 million people, 2.5% of Mexico’s total population, currently own cryptocurrency.(1)
How do Mexicans view crypto?
40% of Mexican companies are looking to adopt blockchain and cryptocurrencies in some form. Out of this segment, 71% are focused specifically on cryptocurrency usage.(2)
Mexico – next Latin America crypto hub?
Mexico’s leading crypto exchange, Bitso, recorded a 342% increase in trading volume in 2020. Bitso also announced it had surpassed 1 million users on its platform, of which 92% are Mexican.(3)
In the eight months between September 2019 and May 2020, the trading volume of Mexico’s leading crypto exchange, Bitso, grew by 342%, according to the exchange. Earlier this year, Bitso announced it had surpassed 1 million users on its platform, of which 92% are Mexican.
Like other countries, crypto is used primarily for speculation and trading in Mexico, Cadenas said. But the multibillion-dollar flow of remittances into the country, particularly from the U.S., and the difficulties involved in money transfers, have created a unique business opportunity for crypto platforms that promise to make transactions easier and cheaper.
Another reason why crypto might be an appealing option to a population that feels exploited by traditional financial services is that even though crypto platforms are regulated in the country, there is no comprehensive framework on how it’s taxed.(4)
Crypto’s rising popularity in Mexico
- Cointelegraph: Amazon job postings hint at digital payments project to launch in…– February 2021
American e-commerce giant Amazon is developing a new service that will allow its customers to shop using digital currency, according to the company’s job postings. According to an official job application on Amazon, the company is now building a tech team to enable a new digital currency service. Currently known as a “Digital and Emerging Payments,” or DEP, project, the service will initially roll out in Mexico, allowing local people to buy crypto with cash to spend digital currency while shopping. - Techcrunch: With investors expecting a Latin American cryptocurrency boom… – December 2020
Six years after the launch of the Mexico-based cryptocurrency exchange and financial services platform Bitso, the company revealed it has closed on $62 million in financing to capitalize on the cryptocurrency boom investors expect to hit Latin America. - Cryptonews: Mexico leads Latin America’s retail crypto payments… – October 2020
Mexican firms and individuals have reportedly processed 11% of all the retail payments made in crypto in Latin America. - Cointelegraph: Mexican companies launch crypto donation platform – May 2020
Mexican cryptocurrency exchange Bitso joined forces with the crowdfunding platform Donadora to launch a crypto-based donation system for families affected by the COVID-19 crisis. - Medium: XRP crypto token bolsters US-Mexico payments… – Feb 2020
Ripple, the firm behind the third largest cryptocurrency XRP, announced a new partnership with International Money Express (Intermex), a leading money transfer company focused primarily on Latin America. - Mexico is getting 8 new cryptocurrency exchanges… – June 2019
Amero-Isatek will open its first physical cryptocurrency exchange in Mexico as part of a plan to expand into another seven locations across the country. - Crpytonews: Mexico looks to bolster crypto regulations… – March 2019
Mexico’s central bank Banxico says it is prepared to listen to feedback and suggestions from the industry before anything is signed into law.
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