The acquisition will give Buenbit users access to Nexo’s suite of products offered under the Buenbit brand, at least for the time being. The acquisition of Nexo aims to make Buenos Aires a regional crypto hub and a springboard for entering other markets in Latin America.
Nexo acquires Buenbit, targeting Latin American market
In one of the largest acquisitions in Latin America in recent years, Nexo, a digital asset platform with over $11 billion in assets under management (AUM), has acquired Argentina-based cryptocurrency exchange Buenbit in an undisclosed transaction.
The Argentine exchange, registered with the National Securities Commission (CNV), had reached a good adoption level in both Argentina and Peru with its on-ramp and off-ramp solutions for digital assets, especially stablecoins.
Buenbit claimed on social media that “nothing will change” for Buenbit customers, declaring that the exchange will maintain its own branding but will include Nexo’s investment suite as part of its platform.
With this acquisition, Nexo aims to gain a foothold in Argentina, one of the most dynamic crypto markets in Latin America, and dramatically expand Buenbit’s influence in the local market with its homegrown product suite.
In this sense, Antoni Trenchev, co-founder of Nexo, says:
Argentina has long been a testing ground for fintech innovation. With Nexo’s scale and relationship and experience with Buenbit, our innovative solutions will find fertile ground for exponential growth over the next 12 months.
The move also ties in with its multi-year expansion strategic plan, which aims to configure Buenos Aires as a regional crypto hub and expand into other similar markets in the region, including Argentina, Peru and Mexico, preserving its value and deploying its yield-producing solutions to other latitudes.
Welbit CEO Federico said:
With the trust of our community and Nexo’s global scale, we are poised to extend our impact across the region and enable people to save, invest and grow their wealth in a stable, transparent and regulated environment.
read more: Argentine cryptocurrency exchange Buenbit launches stablecoin yield vehicle
FAQ
- What are the recent acquisitions in the Argentine cryptocurrency market?
Acquired by Nexo Buenvitis a local cryptocurrency exchange in Argentina that has become one of the largest exchanges in Latin America in recent years. - What benefits will Buenbit provide to customers after the acquisition?
Buenbit assured customers that “nothing will change” and is maintaining its brand while integrating Nexo’s investment suite into its platform. - How will this acquisition impact Nexo’s presence in Argentina?
This acquisition will allow Nexo to strengthen its foothold in Argentina and leverage Buenbit’s established relationships and experience to drive growth. - What are Nexo’s future goals in the region?
Nexo aims to position Buenos Aires as a regional cryptocurrency hub and expand its value preservation solutions across Latin America. Peru and Mexico.
