BitPreço acquires Biscoint and prepares to launch a crypto bank
With a consolidation move in the Brazilian market, BitPreço, the largest cryptocurrency order book aggregator in Latin America, announces the acquisition of the Biscoint exchange.
With the transaction, the platform plans to expand its business and launch new products, such as a Crypto Bank.
This is the first full acquisition made by BitPreço, which bought 33% in 2020 from AlterBank, which was later acquired by Méliuz.
Founded in 2016, Biscoint has 25 employees and is one of the top 10 cryptocurrency trading exchanges in Brazil, according to CoinTraderMonitor data.
According to BitPreço’s founder and CEO, Ney Pimenta, the acquisition of Biscoint is an important step in the company’s business expansion strategy, which more than quintupled the number of users from 2020 to 2021.
“We expect to triple in size over the next three years, supported by organic growth, potential new acquisitions and new products. Currently 90% of our users are B2C, but we are also expanding our business in B2B through the new Crypto as a The service product, which aims to facilitate the incorporation of cryptocurrencies into other companies’ applications. Soon we will also launch a cryptobank.”
says the manager
Pimenta says that Biscoint has an excellent team and has shown very expressive growth in recent years, as well as great harmony with BitPreço, both in terms of product and culture.
“Our goal with the acquisition is to expand the team to support the new products we will bring to market, such as Crypto Bank and Crypto as a Service”, he says.
BitPreço was launched in 2018 and the founders are Ney Pimenta, André Hamada and Yuri Fernandes. It is currently the Brazilian company that trades the largest volume of Bitcoins per month.
The platform brings together the 28 main exchanges operating in the Brazilian and global market, in addition to BitPreço itself.
Biscoint’s two co-founders, Jonathas Carrijo (CEO) and Thiago Borges (CTO) will sit on the company’s board as directors in their areas of expertise – product and technology respectively.
The team of 25 professionals distributed in the office in Goiânia and several Brazilian states will be retained by BitPreço.
– The roadmaps of the two companies converge significantly, which was one of the reasons why the agreement happened in a very natural way. The main product focus is to launch a crypto bank, which will enable the use of a payment account together with a cryptocurrency wallet.”
“This will make it possible to use cryptocurrencies in everyday life. The first experimental version of the multi-account product will be presented to the market in the coming months, Carrijo reveals.
The tokens will be maintained initially, but there will be a convergence of the backend (the non-visual part that manages transactions and negotiations) to the BitPreço system, which currently has several operational functions and already includes several cryptoassets.
The idea is to merge the user bases to continue to offer a simplified experience – with a simple interface – to traditional investors, and expand the advanced features for professional traders.
Biscoint currently has two products, Price Comparator and BiscointBuy. “The products are very well accepted for their ease of use, especially by people entering the crypto market.
Both will be stored for the first few months. Then BiscointBuy will be converted to Crypto Bank, in a transparent way for all users”, explains Carrijo.
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