In 2021, cryptocurrency markets have grown faster and bigger than ever before. Today, the market is worth nearly $3 trillion.
With a growing market comes growing demand – and that demand is not centralized to one geography. People all over the world want to get crypto and they want to get it through their trusted, local intermediaries.
Today, we’re proud to share that Prex – a leading Latin American digital banking platform providing financial products and services – will soon offer cryptocurrency buying, selling and holding capabilities for their 700,000 Uruguayan customers, with additional markets coming in 2022. And that service is powered by Paxos. Customers simply download the Prex app, register for free, and add money (in either pesos or dollars) to their prepaid card. Once the digital account is funded, Prex allows customers to buy Bitcoin, Ethereum, Bitcoin Cash, Litecoin and PAX Gold through the app.
With Paxos Crypto Brokerage, Prex was able to integrate Paxos APIs into their platform. Prex knows their customers’ needs best, so they manage the customer interactions while Paxos manages the crypto markets and custody on the back end. Because Paxos is a regulated solution that operates with the highest standards for operation, Prex was able to reassure its regulators that its new features could be trusted by all Uruguayans.
Crypto can democratize access to financial services, but the plumbing that underpins the ecosystem must grow to support the many ways customers want to tap into these markets. One of the easiest ways to get crypto is through the trusted apps that consumers are already using – and every country and population has different trusted apps. At this point in the development of crypto technology, it’s crucial that infrastructure solutions are available to companies around the world to quickly and safely enable crypto capabilities.