The cryptocurrencies are a market wild, without any kind of regulation that can avoid the competition more fierce between the different companies that make life in the crypto world. And this can be seen especially in the field of exchanges of criptoactivos. Where giants of world-class as Binance, may be challenged by smaller companies like Bitso. Just the situation they find themselves in their fight crypto in Mexico.
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The hegemony of Binance
For those who follow regularly the news from the crypto world through CriptoTendencia, the name Binance them will be quite familiar. And is that, in this 2020, the exchange of cryptocurrencies directed by Changpeng Zhao has established itself as the leading exchange in the world. Leaving far behind other rivals like Bitfinex or BitMEX. And is that, beyond the huge volume of transactions passing through the platform of Binance, which reach the 7.228.286.835 dollars a day, the company has ensured to create a whole infrastructure around their core business. This gives your users countless advantages, that can’t be achieved on other platforms, in Mexico or in the world. This includes a physical card to make payments with cryptocurrencies, a service of P2P that includes Latin american countries such as Argentina or Mexico, and even an accelerator of start-ups Blockchain with headquarters in Shanghai. However, this is not a leadership without suitors. Therefore, to be able to stay on top, Binance must engage in a fierce struggle in each market against companies that, although are smaller, they are agile, innovative, and compete for the crown. As is the case of Bitso in Mexico.
Bitso: The exchange champion in Mexico
Exchange mexican, Bitso, you do not have the same size, or the abilities you have Binance at the global level. Ranking in the 19th place in the ranking of CoinMarketCap of exchanges, in which Binance occupies the first place. Taking Bitso a volume of transactions daily 15.558.817 dollars. Despite this, Bitso has managed to cope with Binance in one of the most important markets in the crypto world: Mexico. And is that, in the north american country, Bitso has the advantage of being local. Therefore, the exchange founded in Mexico City in 2014, has spent years consolidating its position among mexican users of cryptocurrencies. The fight crypto in Mexico is between Bitso and Binance being Able to withstand the pressure of all the power of Binance within Mexico, due to the specificity of their products. Which are specifically designed for mexican users. This difference in the functions of Binance, which are created thinking in a global market. And therefore do not adapt so well to the particularities of the markets as in Latin america. At the end of the day, the fight crypto in Mexico between Binance and Bitso, is a representation of the wild competition that is characteristic of the market of cryptocurrencies. Where even in a market as large as the mexican, a small exchange of cryptocurrencies, that adapts its product to its users, is able to compete for the market with a giant of the crypto world, as it is Binance.