Crypto exchange Bitso, which operates in regions including Argentina, Brazil, Colombia and Mexico, has seen steady growth in demand for stablecoins from institutional clients.
The exchange currently has more than 1,500 institutional clients. Thales Araújo de Freitas, head of Bitso Brazil, said in an interview, “They want to have some exposure to the US dollar, but instead of going to the bank and hedging with foreign exchange forwards, they buy stablecoins. Even in the (crypto) winter, We’re still seeing increased interest from companies.”
In response to the new round of layoffs made by Bitso last month, Freitas said it was a “necessary” reduction. “It is winter, but we believe that summer will come again.” .”