The Brazilian market has recently experienced exponential growth in the purchase of virtual currencies. By the end of 2017, there were over 1.4 million Brazilians engaging in the buying and selling of virtual currencies.
Some Brazilian exchanges have witnessed their daily enrolment of new users increase from an average of 500 per day, to over 5,000 per day. In fact, there are now more investors buying virtual currencies than investing in the stock market2. Despite this, CriptoHub developers identified that services provided by the primary Brazilian exchanges are deficient, and they are receiving countless basic complaints from their users.
Such complaints include:
• the lack of approval of new registrations;
• a delay in deposit approval;
• limited diversity of available coins;
• high rates in comparison to international offerings.
The most frequent user complaint that is becoming a common occurrence is that withdrawals requested by users are delayed indefinitely.
Having identified these problems, CritoHub saw an opening in Brazil for a well-structured exchange that can solve these issues by providing a more effective, cutting-edge service with greater diversity of currencies and uncomplicated withdrawals. Investments in technology will result in increasing scalability to support the rising number of crypto-users. With a population of over two hundred million people in Brazil, the scope for CriptoHub’s potential growth is huge.