With a consolidation movement in the Brazilian market, BitPreço, the biggest cryptocurrency order book aggregator in Latin America, announces the acquisition of the Biscoint exchange.
With the transaction, the platform plans to expand its operations, launching new products, such as a Crypto Bank.
This is the first full acquisition made by BitPreço, who acquired 33% in 2020 of AlterBank, which was later acquired by Méliuz.
Biscoint was founded in 2016, has 25 employees, and is one of the top 10 exchanges in terms of cryptocurrency trading volume in Brazil, according to CoinTraderMonitor data.
According to BitPreço founder and CEO, Ney Pimenta, acquiring 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 operations in B2B through the new Crypto as a Service product, which aims to facilitate the incorporation of cryptocurrencies into other companies’ applications. Soon, we will also be launching a Crypto Bank.”
Says the executive
Pimenta says that Biscoint has an excellent team and has shown very expressive growth in recent years, in addition to great harmony with BitPreço, both in terms of product and culture.
“Our objective with the acquisition is to expand the team for supporting the new products we will put on the market, such as the Crypto Bank and Crypto as a Service”, he says.
BitPreço was launched in 2018 and its founders are Ney Pimenta, André Hamada and Yuri Fernandes. It is currently the Brazilian company that transacts the largest volume of Bitcoins per month.
The platform brings together the 28 main exchanges operating in the Brazilian and global markets, in addition to BitPreço itself.
Biscoint’s two co-founders, Jonathas Carrijo (CEO) and Thiago Borges (CTO) will be on the company’s board as directors in their areas of expertise – product and technology, respectively.
The team of 25 professionals distributed across the office located 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 for the deal to take place in a very natural way. The main product focus is on launching a Crypto Bank, which will enable using a payment account along with a cryptocurrency wallet.”
“This will make it possible to use cryptocurrencies in everyday life. The first experimental version of the multi-account product is set to be presented to the market in the coming months”, reveals Carrijo.
The brands 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 more operating features and already includes more crypto assets.
The idea is to merge the user bases to continue offering a simplified experience – with a simple interface – to traditional investors, expanding 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 who are entering the crypto market.
Both will be kept for the first few months. Subsequently, BiscointBuy will be converted into the Crypto Bank, in a transparent manner for all users”, Carrijo explains.
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Source: https://beincrypto.com/bitpreco-acquires-biscoint-and-is-getting-ready-to-launch-a-crypto-bank/