Ripple and Coinbase exchanges have been linked to the success or rapid growth of telecommunications in Latin America.

According to the Cointelegraph, Bitso, the exchange backed by Ripple and Coinbase, is entering the Brazilian market. Santiago Alvarado, the company's director of cross-border payments, said the company had been successful in Mexico and Argentina, had more than a million users as of last week, and now wanted to enter the Brazilian market. He said the company's success in Argentina was linked to the cryptocurrency market and the huge demand for cross-border payments. He also said it had to do with the rapid development of communications in Argentina. While 50-60% of people in Latin America have a bank account, 80% have a smartphone.