Bitso, the Latam-focused cryptocurrency exchange, has launched a stablecoin startup accelerator program. ‘The Push’ will support five stablecoin projects based in or planning to establish themselves in Latam, providing each with $250K to capitalize on the growing popularity of stablecoins in the region.
Bitso to Support Stablecoin Innovation in Latam With ‘The Push’
With the exploding popularity of stablecoins worldwide, stablecoin-based projects are in investors’ sights. Bitso, one of the largest exchanges in Latin America, has recently launched an accelerator to support stablecoin-focused initiatives.
“The Push” will select five stablecoins-based startups to support their products with up to $250K in immediate investments. To be routed through its B2B arm Bitso Business, the funding primarily aims to push emergent startups utilizing blockchain and stablecoins for innovative solutions, startups with scalable business models, and projects led by teams with business and tech experience.
Bitso states that this would be the first worldwide stablecoin acceleration initiative, highlighting the relevance of stablecoins in Latam and other regions.
Julian Colombo, CEO of Bitso Argentina, emphasized the strategic value of this program, which supports the development of the stablecoins sector. He stated that these well-known tools for Argentines “have proven to be key tools for protecting purchasing power in volatile economies like ours. In addition, they facilitate international payments, making them fast, secure, and cheap.”
Colombo noted that the Trump Administration’s recent push for stablecoins drastically changed the U.S. government’s policies on crypto, opening new opportunities for developing solutions using these.
In an executive order issued on Jan 23, the Trump Administration vows to promote and protect “the sovereignty of the United States dollar, including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.”
Read more: Trump’s Executive Order Rejects CBDCs, Considers Crypto Reserves, and Aims to Revamp Regulations
This changes the context of how stablecoins have been conceived and employed until now, Colombo remarked, consolidating the role of stablecoins as proxies in countries experiencing high inflation and currency restrictions, like Argentina. In addition, he believes this move will also open the door for mass stablecoin adoption in global trade and other use cases of the financial system.
