Crypto lender Nexo has reached an agreement to purchase Argentina-based crypto investment platform Buenbit for an undisclosed sum, expanding its footprint in Latin America.
This acquisition enables Nexo to operate within Argentina’s regulatory framework and access Buenbit’s user base in both Argentina and Peru, as stated by the Zug, Switzerland-based lender in a release shared with CoinDesk.
Buenbit, which is registered with Argentina’s Comisión Nacional de Valores (CNV), has emerged as a significant player in the region’s crypto adoption, providing fiat-to-crypto services in areas characterized by high inflation and currency restrictions. This deal integrates Buenbit’s localized expertise into Nexo’s broader infrastructure, which spans more than 150 jurisdictions and manages $11 billion in assets.
For customers of Buenbit, this transition will offer a wider array of services, including crypto-backed loans that serve as an alternative to the limited traditional credit options available in Argentina, high-yield savings accounts, and trading tools.
Buenos Aires will become Nexo’s Latin American headquarters, facilitating its anticipated expansion into Mexico and Peru. The company stated that this acquisition is part of a multi-year strategy aimed at establishing long-term investments and partnerships throughout the region.
This development coincides with Argentina’s central bank formulating new regulations to allow banks to offer cryptocurrency-related services to customers in the first half of the upcoming year, although regulatory approval is still pending.
