According to Thales Freitas, the head of Bitso's operations in Brazil, the company has reached the milestone of one million users in Brazil earlier than was anticipated. Additionally, he mentioned that the total number of transactions had increased by 66 percent from May to June.
Despite the recent bearish trend in the market, Freitas told Reuters that the readings so far in July have already surpassed those of the previous month. However, he did not offer any specific numbers in his response.
Bitso is now operating in Brazil through partnerships with the financial institutions Banco Genial and Starkbank.
A funding round held by Bitso in May 2021 brought in a total of $250 million, which resulted in the firm being valued at $2.2 billion prior to its introduction in Brazil.
Bitso has increased the value of its incentive program in response to the increasingly unfavorable environment brought on by increased interest rates and substantial asset volatility. The site is providing potential profits on stablecoin investments of up to 15 percent each year.
Bitso is a digital currency that began operations in 2014 and has its headquarters in Mexico.
“Brazilian investors prefer fixed income, and stablecoins are a good way to diversify,” said Freitas. “Stablecoins are a fantastic way to diversify.”
At the moment, Bitso is waiting for clearance from Brazil's central bank about its application for a payment institution license in that country.
Blockchain.News reports that Bitso has just lately declared that it will be terminating the employment of 80 of its staff members in order to preserve its long-term business strategy.
According to the article, the rationale behind the layoffs is not related to a lack of funds but rather the necessity to optimize staff in an industry that is undergoing rapid change.
A total of more than 700 people were working at the exchange before the firings began.
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