Kraken, the U.S.-based cryptocurrency exchange, is making moves to expand its influence and reach in Colombia.

The exchange recently announced the implementation of local payments in the country, allowing Colombians to fund their accounts using Colombian pesos without relying on international wires to this end.

Deposits will be exchanged into U.S. dollars at “competitive, transparent exchange rates,” as Kraken takes over to streamline the user experience without the need to include third parties in the onboarding process.

According to Kraken’s press release, this decision is part of Kraken’s strategy to scale its presence across Latam, targeting key markets including Argentina, Mexico, and Colombia itself. This hints at a broader expansion across the area, but Kraken has not offered further information about its goals in the region.

Kraken’s Mark Greenberg highlighted the relevance of the Colombian market for the company, explaining that it is “one of the most dynamic crypto markets in Latin America, with a digitally engaged population and a growing appetite for decentralized financial tools.”

“This integration marks an important step in giving Colombian clients more accessible, secure entry points into the global crypto economy,” he stressed.

Kraken now becomes one of the most active international exchanges in Colombia, offering local Colombian pesos payment rails to customers and over 500 digital assets on a single platform.

While still unregulated, the crypto economy in Colombia has grown at an exponential pace over the last years, underpinned by strong demand for stablecoins and increased interest in alternative methods for sending and receiving cross-border payments and remittances.

Read more: Cryptocurrency Law Project Reintroduced in Colombia

• What new feature is Kraken launching in Colombia?
  Kraken is implementing local payments, allowing Colombians to fund their accounts directly with Colombian pesos.

• How will deposits be converted?
  Deposits in Colombian pesos will be exchanged into U.S. dollars at competitive and transparent rates, simplifying the process for users.

• Why is Kraken expanding in Latin America?
  Kraken aims to grow its presence in Latam, with a focus on Colombia, Argentina, and Mexico, recognizing Colombia as a dynamic crypto market.

• What benefits does Kraken offer to Colombian clients?
  The exchange provides secure access to over 500 digital assets on one platform, enhancing entry points into the global crypto economy.

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