PayBito puts its stamp on the expanding crypto markets of El Salvador, offering its expertise to upgrade the infrastructure of a key player in the DeFi ecosystem.
PALO ALTO, Calif., Nov. 3, 2022 /PRNewswire-PRWeb/ — The US-based cryptocurrency exchange PayBito is making notable contributions to the global crypto scenario, offering cutting-edge white-label solutions to leverage rapidly growing business opportunities worldwide. In its latest venture, the global digital assets exchange has agreed to collaborate and offer its acclaimed expertise for updating the existing infrastructure of one of the most hyped DeFi projects all across El Salvador, the first nation to legalize and adopt Bitcoin as legal tender.
DeFi, or Decentralized Finance, has exploded in the past few years. Over $77 billion worth of gross net value is associated with Ethereum DeFi alone. Unlike traditional finance mechanisms, DeFi applications utilize blockchain-powered smart contracts which auto-execute upon the fulfillment of pre-programmed requisites. The process facilitates the elimination of intermediaries, enabling better returns and undercollateralized lending services trousers. Other possible areas of the DeFi application include 3rd party risk assessment, crypto-native credit scores, and more.
PayBito Chief and noted blockchain pioneer Raj Chowdhury states, “El Salvador’s choice to move forward and authorize crypto adoption will accelerate the bridging of conventional finance mechanisms with DeFi. This, along with regulation, will be key to the next-gen digital transformation.”
El Salvador has been all over the news for going out of the box in regard to crypto acceptance. In addition to permitting Bitcoin usage for all transactions alongside USD, the South American nation under President Nayyib Bukhele also added $30 worth of the predominant crypto across the Chivo digital wallet of every citizen. It also has multiple ambitious projects in the pipeline including the construction of an exclusive Bitcoin City, renewable volcanic mining, $1 billion Bitcoin-backed bonds, more than 200 Bitcoin ATMs, and many more. El Salvador does not impose taxation on income, capital gains, and property- except for the 10% VAT allocated for building the Bitcoin City and other public services.
“The DeFi sector has not only put El Salvador on the map as a global crypto hotspot but also helped vital areas of the nation’s economy as well. A growing number of businesses now accept crypto, contributing to the development of other ancillary segments as well,” concluded Chowdhury, He had previously called out the need for crypto awareness to prevent DeFi scams and blockchain’s potential in airline management.
White-label solutions from PayBito have received top global awards and are actively deployed in more than 26 countries including Australia, Sweden, Japan, and more. The exchange has made multiple updates in UI/UX and asset listing, consistently increasing the number of tradable digital asset options while prioritizing investor asset protection. PayBito also features crypto banking solutions, custodial solutions, and an innovative white label crypto broker platform that democratizes crypto brokerage services for everyone.
There is a growing preference for digital assets as alternative banking and investment solutions among the younger age demographic as well as nations with fluctuating economies. El Salvador is successfully capitalizing on this trend, despite suffering losses in the current crypto bear phase. Businesses can harness the massive growth potential by offering conventional financial services with higher returns to their users, powered by cryptocurrency.
PayBito is a leading cryptocurrency asset trading platform operating globally. The platform is designed and managed by a team with rich experience in Banking security systems, Cryptocurrency trading, and Blockchain technology. It is available in the web version as well as in iOS and Android stores. PayBito services include white label cryptocurrency exchange, white-label payment gateway, exchange affiliate, and coin listing. PayBito offers some of the best rates and top-notch security in the crypto world.
Coleen Facete, Hashcash Digest, +14159662907, [email protected]