The largest cryptocurrency order book aggregator in Latin America, BitPreço, announces the acquisition of the Biscoint exchange amid a consolidation tendency in the Brazilian sector. The platform intends to grow its business with the transaction and introduce new products including a Crypto Bank.
This is BitPreço's first full acquisition since acquiring 33% of AlterBank in 2020; AlterBank was subsequently acquired by Méliuz.
What is Biscoint?
According to data from CoinTraderMonitor, Biscoint was established in 2016, has 25 workers, and is among the top 10 exchanges in Brazil for the number of cryptocurrency trades.
Buying of Biscoint
Ney Pimenta, founder and CEO of BitPreço, claims that acquiring Biscoint is a crucial milestone in the company's commercial expansion strategy, which saw a more than quintupling of customers between 2020 and 2021. According to Pimenta, Biscoint has a top-notch staff, has experienced rapid growth in recent years, and works very well with BitPreço in terms of both culture and product.
Ney Pimenta, André Hamada, and Yuri Fernandes are the creators of BitPreço, which was established in 2018. The Brazilian corporation now conducts the most monthly Bitcoin transactions.
The two co-founders of Biscoint, Jonathas Carrijo (CEO) and Thiago Borges (CTO), will serve as directors on the company's board in their respective specialties, which are product and technology, respectively. BitPreço will continue to work with the group of 25 specialists spread over the Goiânia office and several states in Brazil.
The trademarks will initially be preserved, but there will be a convergence to the BitPreço system, which currently has more operating functions and already contains more crypto assets. The backend, or the invisible portion, will oversee transactions and negotiations.
The goal is to combine the user groups in order to keep providing traditional investors with a streamlined experience and an easy-to-use interface while boosting the complex capabilities for professional traders.
Price Comparator and BiscointBuy are the two products that Biscoint now offers. "The products are very well appreciated for their ease of use, especially by newcomers who are entering the crypto market," says Biscoint. For the initial few months, both will be preserved. The conversion of BiscointBuy into the Crypto Bank will take place later on in full transparency for all users, says Carrijo.
