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With the acquisition, Buenbit users will gain access to Nexo’s suite of products, which will be available under the Buenbit brand, at least for the foreseeable future. Nexo’s purchase aims to make Buenos Aires a regional crypto hub and a launchpad to reach other markets in Latam.
Nexo Acquires Buenbit, Targets Latam Markets
In one of the largest acquisitions in Latam in the last years, Nexo, a digital assets platform that has over $11 billion in assets under management (AUM), has acquired Argentina-based crypto exchange Buenbit in an undisclosed deal.
The Argentine exchange, which is registered with the national securities commission (CNV), had reached relevant levels of adoption both in Argentina and Peru due to its on-ramping and off-ramping solutions for digital assets, particularly stablecoins.
In social media, Buenbit claims “nothing will change” for Buenbit customers, declaring that the exchange will keep its own brand but will include Nexo’s investment suite as part of its platform.
With this acquisition, Nexo gains a foothold in Argentina, one of the most dynamic cryptocurrency markets in Latam, and aims to exponentially grow Buenbit’s influence in the local market using its in-house developed product suite.
In this sense, Nexo co-founder Antoni Trenchev stated:
Argentina has long been a proving ground for fintech innovation. With Nexo’s scale and Buenbit’s relationships and experience, our innovative solutions will find fertile ground for exponential growth in the next 12 months.
The movement also ties into a multi-year expansion strategy plan that aims to configure Buenos Aires as a regional crypto hub and expand to other similar markets in the region, including Argentina, Peru, and Mexico, taking its value-preserving and yield-bearing solutions to other latitudes.
Buenbit CEO Federico Ogue stated:
With our community’s trust and Nexo’s global scale, we are ready to extend that impact across the region, empowering people to save, invest, and grow wealth in a stable, transparent, and regulated environment.
Read more: Argentinian Cryptocurrency Exchange Buenbit Launches Stablecoin Yield Instruments
FAQ
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What recent acquisition took place in Argentina’s crypto market?
Nexo has acquired Buenbit, a local crypto exchange in Argentina, in one of the largest deals in Latin America in recent years. -
What benefits does Buenbit offer to its customers following the acquisition?
Buenbit has assured customers that “nothing will change,” maintaining its brand while integrating Nexo’s investment suite into its platform. -
How does this acquisition impact Nexo’s presence in Argentina?
The acquisition strengthens Nexo’s foothold in Argentina, enabling it to leverage Buenbit’s established relationships and experience to enhance growth. -
What are the future goals for Nexo in the region?
Nexo aims to position Buenos Aires as a regional crypto hub and expand its value-preserving solutions across Latin America, including Peru and Mexico.