• It allows users to trade up 100 pairs in cryptocurrencies on its Latin American counterpart.
• It is now possible to trade around 50 cryptos and stablecoins through the new platform.
• The platform was launched with several technical issues (already resolved) which left many clients without the ability to transact.

After overcoming technical problems, the Chilean cryptocurrency exchange CryptoMarket has reactivated its operations on its platform. The company, which has operations in Chile and Argentina as well as Brazil, plans to enter the Peru, Colombia and Mexico markets.

The new platform is “100% operational and with the capacity to process 100,000 operations per second,” said Guillermo Escudero, Country Manager of CryptoMarket for Argentina, to the Spanish-language site CriptoNoticias.

“Now we have the band we need because we believe that there will be an exponential growth in the number of clients that will be added,” he said.

Meanwhile, the company’s CTO, Rafael Meruane, explained that the platform has an easy-to-use and understandable interface for users with a “simple” navigation option if they are just starting out.

Meruane stated that this makes the buying and selling of cryptocurrencies easier, as they can be performed by just clicking a button.

CryptoMarket’s new platform has several features that allow traders to trade through its Exchange Pro option. You can use this option to leverage your operations, or make shorter operations.

It also connects traders to TradingView tools among others. Exchange Pro provides the ability to automatically exchange one cryptocurrency for another. It eliminates the need to change fiat currencies. There are more than 100 pairs of cryptocurrency available.

Towards an “Inclusive and Decentralized” System

“Our company’s goal is to connect people with a financial system that is open and inclusive, which is decentralized.”
said Rafael Meruane. De asemenea, Meruane announced that shortly the exchange will be opening operations in Latin America to reach even more people.

Numerous glitches occurred during the launch of CryptoMarket, which caused disruption in the operation of many customers. Some customers did not have their account balances updated, so the company suspended the platform for more than a week.

Additional delays were also caused by the process of migrating user accounts from an old platform to the new one. Meruane explained that this was due to “security protocols in the allocation of wallets.”

Martin Jofre (CTO, co-founder and CEO of CryptoMarket), stated that moving the approximately 500,000 users registered under the old system was difficult, but they managed to do so. The platform now operates normally.

“We have more than 100 million USD of our clients in custody and the balance allocation process was not optimal, but it was successful in terms of correct allocation,”
Jofre.

“The customers were not in the best position, it is clear, but we also had to face great challenges, which is exactly what we wanted to relay.”
He added.

To The Flipside

• CryptoMarket’s problems did not end there, because when the platform was updated, the mobile application on iOS and Android systems stopped working.
• According to team members, the company is developing a new app that will be soon available in order to improve service.

What are the reasons to care?

• It was the first Latin American market to be created by an exchange platform. It later incorporated additional currencies like (BTC), (XLM), and (.
• There are currently 50 cryptocurrencies it trades, including (ADA),. Monero (LTC) and (DOGE), along with stablecoins like (USDT and DAI).

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