What a criptobanco to the latino market? This startup of Peru has a plan to achieve it

Less than six months ago Banexcoin began operations as a casa de cambio in Peru, and soon the startup will launch its plan macro, which involves jumping to the conquest of the Latin market. Venezuela, Mexico and Argentina are in your roadmap as its first destinations.

Years ago plans to offer a platform of cryptocurrencies to the latino market are around the head of Merbin Rangel, today CEO of Banexcoin. His project began to take shape two years ago when you formed the company.

Then, in November of 2019 came out in beta the house of change of purchase and sale of bitcoin for the people of Peru. In February of this year the platform was officially launched to the public.

With their setbacks, progress has been rapid, at least, that is what counts Merbin Rangel in exclusive discussion with Breaking News.

When we open to the public our level of registrations began to climb, but then after the declaration of a pandemic began to decline, and now we are recovering. Daily we are receiving 30 to 40 new users and we should now be close to 800 to 900 customers. In terms of transactions, since we were in beta mode until today, we have settled close to almost 1,900 BTC.

Merbin Rangel, CEO of Banexcoin.

But what responds to the rapid growth of a platform-as-a Banexcoin in a market that still has fresh in its memory the case Bitinka that from 2018 faces multiple problems, including the blocking of accounts of its users?

Rangel tells how the team Banexcoin has been working on it. His first goal was to become the first home of change of cryptocurrencies regulated in Peru.

The law does not require this, but we autorregulamos and comply with all the provisions of the law of the Superintendency of Banking and Insurance of Peru and the Financial Intelligence Unit as regulators and supervisors of all financial activity that occurs in the country. We operate with the license of house change, however, all of our activities happen as if we were a local financial institution. In fact, the level of compliance is virtually the same that you can find at a local bank.

Merbin Rangel, CEO of Banexcoin.

The manager adds that the team of the house of change, permanently participates in educational talks and other activities with the objective of getting to know your brand and thus distance themselves from companies that have left a negative imprint on the market of the cryptocurrencies in Peru.

Peru in the ecosystem of the cryptocurrencies

The market for cryptocurrencies is developed with a certain degree of caution in Peru, where up to now there is no regulatory framework governing the operations with crypto assets. However, it is expected that for this year the Superintendencia de Banca, Seguros (SBS) by the Financial Intelligence Unit (FIU), issued a first document to detail the significant legal and tax consequences of the operations with digital assets, as reported by the regional media.

Rangel says that in 2019, several exchange houses, among them Banexcoin participated in a work table in conjunction with the regulatory authorities of Peru.

Merbin Rangel, CEO of the startup, Banexcoin of Peru, believes that the latino market needs a bank of bitcoin. Source: Breaking News.

Our expectation is that regulation will benefit us all because we have been working in a cordial way. There is also no reason to think that things will change, because here (in Peru), the regulator has never demonized the cryptocurrencies, has never persecuted, never has been adamant, as if it has happened in Paraguay where the banking association issued a statement prohibiting open accounts for companies of cryptocurrencies.

Merbin Rangel, CEO of Banexcoin.

The peruvians have a growing interest in the cryptocurrencies. In its most acquire bitcoin as a method of payment across borders and also to protect the soles of the devaluation, as says Rangel.

For now, the peruvians can buy or sell bitcoin in Banexcoin through transfers both in soles and in dollars. It is also expected that soon users can buy bitcoin using credit cards, as Rangel explains, the startup signed a contract with MasterCard that will allow the integration of the accounts of the users of the house exchange with the credit card. β€œIt is a fact,” he says.

A criptobanco for Latin america

Merbin is one of those venezuelans who emigrated from your country. His relationship with the cryptocurrencies precisely began of the need to send remittances in a quick and practical way. In search of more knowledge related to the chains of blocks participated in lectures, conferences and other educational activities.

In one of these events I met the manager of the Circle, when they were the owners of Poloniex. She had had as objective to penetrate in Latin america. Then I asked what is the best way to get to Latin america? and I said, well, the latino market is difficult because banks are reluctant to issue crypto. Then I said, hey it would be excellent business to mount a bank that accepts cryptocurrencies in all of Latin america. And I said, hear truth is not evil. Then I said why don’t you ride it yourself? Since then work on that idea and we are coming to undertake it.

Merbin Rangel, CEO of Banexcoin.

The management believes that the present moment is adequate because banks and traditional financial institutions have decided to be friendly with the cryptocurrencies.

Rangel thinks that the adoption will increase in a way unstoppable. The banks have the item to please that already have platforms that are managed by the masses, then it may be that the ecosystem of the cryptocurrencies need to take this guide as a reference.

The plan that has been drawn Rangel is based on providing a secure platform, hence his concern in responding to the regulation. Then, the objective is to respond to the need for individuals to convert assets to fiat in crypto assets and vice versa. So, for that reason, the plans of Banexcoin are oriented to land in several countries. Venezuela, Mexico and Argentina are among the first destinations. Brazil, Chile and Uruguay are in the following path. In each country shall be dealt with licensing regulatory.

The startup of bitcoin, which operates in Peru since five months ago, has in mind to venture into other countries in the Latin american market, such as Venezuela and Argentina. Composition by Breaking News. fauxels / Pexels.com; Banexcoin / banexcoin.com

Another element that Rangel believes the key to progress with their plans is the recent letter from the Office of the Comptroller of the Currency, in which he points out that us banks will be able to offer the service of custody of cryptocurrencies. He believes that this new position of the regulator of the banking, american, the impact of a positive way in the Latin american market.

The financial market banking Latin america has always been affected by what is happening in the united States, for the simple reason that the local banks, rely on the correspondent bank american. Then, when the business of cryptocurrencies, we arrived at a bank to open an account to operate with cryptocurrencies, you say nooo, I can get you in trouble with the correspondent bank, I will close the accounts of the correspondent. Now, however, things may be different. This new position is a slap to the local banks that they said that they could not open accounts to operate with cryptocurrencies, so little by little, this news will be permeating in Latin america.

Merbin Rangel, CEO of Banexcoin.

The plan Rangel, although it enters in a phrase, it shows ambitious: “we want to become in the bank, crypto of Latin america”, says without batting an eye.

On the way believes that it is possible to go changing paradigms. He is convinced that now regulators will be clear that the companies can operate with cryptocurrencies although this does not mean, automatically, that there is a wash of money involved or is funding terrorism.

“As well as the banking sector has operated for 200 years without major mishaps, we can also operate in the same manner and to adapt to the local regulation of each country. That is what we are”, he explains.

Also Rangel says he is aware that transit through territories where other companies already have time to work, as for example Bitso that already operates in Mexico, under a similar model to what makes a bank. Thereafter there are companies such as Buddha, Gravel and Bitex which are already known in Latin america.

Cryptocurrency Market