Cryptocurrency lender Nexo said it agreed to acquire Argentina-based cryptocurrency investment platform Buenbit for an undisclosed amount to deepen its presence in Latin America.
The Zug, Switzerland-based bank said in a statement shared with CoinDesk that the deal will allow Nexo to operate within Argentina’s regulatory framework and leverage Buenbit’s user base in that country and Peru.
Registered with Argentina’s Council of National Values (CNV), Buenbit has become a key player in cryptocurrency adoption in the region, providing fiat-to-crypto services in a market where inflation and currency controls have become the norm. Nexo Transactions integrates local experience into its larger infrastructure, which spans more than 150 jurisdictions and $11 billion in assets under management.
For Buenbit customers, this shift means access to a wider range of services. These include crypto-backed loans as alternatives to limited traditional credit in places like Argentina, high-yield savings accounts and trading vehicles.
Buenos Aires will serve as Nexo’s Latin American headquarters, consolidating its growth plans in Mexico and Peru. The company said the deal is part of a multi-year strategy to develop long-term investments and partnerships in the region.
The move comes as Argentina’s central bank drafts new rules to allow banks to offer cryptocurrency-related services to customers in the first half of next year. Regulatory approval is still pending.
