Brazil-Based Cryptocurrency Exchange CriptoHub Ended its ICO

With cryptocurrency becoming more frequent within the payments landscape a new initial coin offering (ICO) is hard to overlook. One that recently closed was the opening release from a major cryptocurrency exchange in Brazil known as CriptoHub. Also called the “Binance of Brazil,” the release of its official CriptoHub ICO shut down on Friday with some positive results.

Reports from last Friday suggested that the company had raised around $3 million US with its ICO, and would likely have cleared more than that by the time all the purchases had been completely added up. The CriptoHub team staged a series of presentations throughout the world on the last day of the sale, showing off the goods in places ranging from Singapore and Korea to London, New York and San Francisco.

With the ICO concluded, the next thing on the docket for CriptoHub is the full-scale launch of its exchange, to take place August 7. Offering service in English, Mandarin and Portuguese, the polyglot company will look to deliver service not just to the 200 million people in Brazil, but also to the 400 million in South America proper.

Ramon Vailatti, CriptoHub CEO, noted “After the CriptoHub live exchange launch we will begin the second leg of our worldwide business development efforts in which we hope to list many South American and worldwide coin projects, seek strategic team members and advisors from other leading exchanges, and seek out potential strategic investment from traditional, institutional financial partners in order to build out our exchange and banking infrastructure….”

Not hard to do, really, especially given what the company’s already raised cash-wise as well as the comparative dearth of cryptocurrency exchanges in the region. If it can manage to get even 10 percent of the South American market under its bailiwick, it’s going to put a whole lot of new users in play. That’s a rising tide that should lift most every crypto boat, and inject some fresh life into the overall market, which was starting to make a comeback anyway.