Kraken now allows Colombians to fund their accounts in Colombian pesos, expanding the scope and capabilities of its services in the country. Mark Greenberg, Kraken’s global head of consumer, said the upgrade provides Colombians with a secure entry point to cryptocurrencies.
Kraken launches local payments in Colombia
Kraken, a US-based cryptocurrency exchange, is moving to expand its influence and reach in Colombia.
The exchange recently announced the introduction of local payments in the country, allowing Colombians to fund their accounts using Colombian pesos without having to rely on international wire services.
Deposits are exchanged into US dollars at a “competitive and transparent exchange rate” as Kraken streamlines the user experience without including third parties in the onboarding process.
According to Kraken’s press release, this decision is part of Kraken’s strategy to expand its presence across Latin America, targeting key markets including Argentina, Mexico, and Colombia itself. This suggests a broader expansion throughout the region, but the Kraken has not provided further information about its goals in the region.
Kraken’s Mark Greenberg highlighted the relevance of the Colombian market for the company, describing it as “one of the most dynamic crypto markets in Latin America with a large digitally engaged population and a growing appetite for decentralized financial tools.”
“This integration is an important step in providing Colombian customers with a more accessible and secure entry point to the global crypto economy,” he stressed.
Kraken is now one of the most active international exchanges in Colombia, offering customers local Colombian peso payment rails and over 500 digital assets on a single platform.
Although Colombia’s crypto economy is still unregulated, it has grown at a rapid pace in recent years, driven by strong demand for stablecoins and growing interest in cross-border remittances and alternative ways to send and receive money.
read more: Cryptocurrency law project reintroduced in Colombia
FAQ
What new features is Kraken introducing in Columbia?
Kraken has introduced local payments, allowing Colombians to deposit funds directly into their accounts in Colombian pesos.How are deposits converted?
Deposits in Colombian Pesos are exchanged to USD at competitive and transparent rates, simplifying the process for users.Why is the Kraken expanding in Latin America?
Kraken recognizes Colombia as a dynamic cryptocurrency market and aims to increase its presence in Latin America, with a focus on Colombia, Argentina, and Mexico.What benefits does Kraken offer Colombian customers?
This exchange provides secure access to and more. 500 digital assets Power your entry point into the global crypto economy on one platform.
