Bitso – a high-profile Latin American crypto exchange that is offering to assist service for El Salvador’s crypto wallet – has reportedly established its presence in Colombia officially. 

Specifically, as included within the scope of Bitso’s development strategy in the country, the exchange has reportedly onboarded former Mastercard executive Emilio Pardo to be its new country manager. 

Pardo previously worked as the head of business development for the Andean Region at Mastercard, where he spent his expertise working on fintech problems such as instant and cross-border financial transactions and open banking.

Upon taking the new job, he will reportedly be in charge of designing Bitso’s strategy in Colombia, in a bid to amplify crypto adoption rate in the nation and financial inclusion, concentrating on Bitso’s strategic basics including education and security.

Per Pardo, Latin America is reportedly undergoing one of the most major milestones regarding crypto adoption, and Colombia will not be left out of the mix. 

The increasing crypto adoption will not only bring advantages to Colombia’s financial ecosystem but will also offer assistance in educating and addressing the needs of our customers and fellow citizens, he noted.

Bitso’s Colombian operations are reportedly subjected to the regulations established by a top-tier financial entity – the Superintendencia Financiera de Colombia (SFC). 

Per the announcement, the SFC reportedly equipped Bitso with the authoritative power to function within la Arenera, the regulatory framework of its sandbox, and a crypto pilot program in late last year.

Under this framework, Bitso reportedly began working via a collaboration with Colombia’s first commercial bank, Banco de Bogotá last year to run testing for the exchange’s products and services.