The global crypto ecosystem that is now Galactic Holdings (Trubit’s parent company) is, in fact, the brainchild of Krypital Group. Founded in 2017, Krypital Group is a global venture capital firm and blockchain incubator born with the idea to leverage their premier resources – ranging from access to capital, digital asset exchanges, top law firms and strong communities – to nurture and grow crypto projects. The bet seems to have worked as their combined projects have now generated a total of more than US$1B in value and brought in more than 2 million users to new blockchain projects. One of its success stories will be the focus of today's Deep Dive analysis: TruBit.

Part 1: From a VC Approach to a Global Crypto Ecosystem

After two years investing and building in the crypto space, the team behind Galactic Holdings sensed a growing opportunity in the region of Latin America. Back in the days of 2019 access to crypto was still complex and few local players were trying to solve the problem. Galactic Holdings decided to go all-in on Mexico and launched their own crypto-exchange, called Mexo Exchange.

As one of the first players, and at the perfect time from a market standpoint, Mexo Exchange quickly found traction and built a strong relationship with its first users in Mexico. But the team vision was expansive and the opportunity in the whole region was becoming clearer by the day. After a few months of operations, Mexo Exchange expanded to other countries in Latin America and released new products to better serve its users.

Now spanning many countries and offering a complete suite of products, Krypital Group decided to unify all the projects under the umbrella of Galactic Holdings, and rebrand Mexo Exchange as TruBit to better communicate the global ambition of the crypto-exchange and its offerings. In order to be a complete digital finance ecosystem built for LATAM users, Galactic Holdings now hosts TruBit Pro (crypto-exchange), Trubit Wallet, and Moneta Digital, the first stable coin pegged to the Mexican pesos (MMXN).

The idea behind building a complete digital finance ecosystem is to make crypto more accessible to the general population. In that sense, one of TruBit’s significant achievements was the integration with the SPEI (Sistema de Pagos Electrónicos Interbancarios), that is used by 70 million Mexicans. By simplifying the previously complex process of buying crypto, TruBit is making a determined effort to increase crypto adoption and accessibility by bringing more people into the new currency trend.

Once familiar with crypto, users can leverage TruBit Pro to manage over 130 crypto assets and over 160 trading pairs, a clear indication of its breadth and depth in the market. Uniquely, it incorporates both NFTs and DeFi into its offerings, showing it is always on the pulse of cutting-edge crypto trends. This not only localizes its services but also positions it as an innovative leader in the region.

TruBit Pro’s services span across Spot Trading, Grid Trading through AI bots and Perpetual contracts with advanced Tradingview chart features. The platform even offers an OTC Market to suport large volume transactions. Crucially, TruBit Pro also introduces paper trading, allowing users to test new strategies or familiarize themselves with the product without risking real money - a feature that can be especially beneficial for novice traders. With both desktop and mobile versions available for Android and iOS, the TruBit Pro platform is highly accessible and versatile, catering to users' varied needs.

In essence, TruBit is not just a crypto exchange anymore - it is an ecosystem striving to make the world of cryptocurrency accessible and navigable to everyone in the region.

Part 2: Mexico and Latin America - Ripe Ground for Crypto Advancements

Latin America presents an untapped frontier for growth and innovation in technology, and crypto is no exception. As stated by Norwegian Research firm Arcane research, Latin America is one of the world's most promising regions for crypto adoption, attributing this potential to factors such as a growing population, increasing internet penetration, high inflation rates, and low-energy costs.

Mexico stands as a leading example, with crypto adoption reaching 10% of the total population, according to the Statista Global Consumer report. This is a testament to the region's readiness to embrace the new world of digital assets.

Three primary use-cases are driving crypto adoption in Latin America: storing value, sending remittances, and seeking alpha (superior returns). The respective economic and social climates in different Latin American countries naturally lead to varying preferences for these use-cases.

For instance, Argentina sees over 31% of its small retail-sized crypto transaction volume from the sale of stablecoins, significantly higher than Brazil's 26% and Mexico's 18%. This suggests a strong desire for stability amidst the country's volatile economy.

Remittances also play a crucial role, given Latin America's remittance market is estimated to reach a staggering $150 billion this year. The adoption of crypto-based remittance services has been uneven across the region but has shown swift growth, demonstrating a clear use-case for crypto in making cross-border transactions cheaper and faster.

Interestingly, in the larger and more advanced economies of Latin America, like Brazil, citizens are adopting cryptocurrency not only for savings but also for profit. The DeFi-centric crypto markets in these countries are similar to those in Western Europe or North America, where market participants are focusing more on cutting-edge, returns-focused crypto platforms rather than savings-centric centralized services.

As the cryptocurrency landscape evolves and the needs of Latin American users shift, the region presents a fertile ground for crypto advancements. It will be fascinating to watch the emergence of new use-cases tailored to serve the evolving needs of this dynamic region, and the role that local players like Trubit will play in crypto massive adoption.

Part 3: Breaking the Mold: TruBit's Standout Features and Competitor Analysis

As the market was maturing and the opportunity attracting more competition, TruBit kept evolving by diversifying its product offering and looking for ways to better innovate than its pairs. Major players had raised huge amounts of capital during the shiny days of web3 and some of them, like Bitso becoming a unicorn, helped further educate and develop the market in the region. Meanwhile, Trubit kept a relatively low profile during that time and focused on building a solid foundation.

To distinguish itself from its competitors, the team went all-in on bold innovations and unique offerings. One of its standout accomplishments is the launch of MMXN, the first stable coin pegged to the Mexican pesos. To avoid inherent risk, Galactic Holdings decided to spin off the project under the company Moneta Digital that has its own team and is responsible for MMXN's independent operation. The MMXN crypto allows for a familiar trading pair for its Mexican user base and offers a layer of stability not typically associated with the volatile world of cryptocurrencies - and currencies in general in Latin America. For the record, there’s other stablecoins in the region, for example nARS stablecoin pegged to Argentina pesos and operated by Num Finance (a Trubit partner), and in Brazil, BRZ pegged to the Brazil Reals.

Another clever feature of TruBit is its focus on building an attractive and engaging brand universe. Breaking away from the often sterile and serious branding of traditional financial institutions, TruBit adopts a futuristic aesthetic and integrates gamification into its products. This bold branding strategy appeals to a new generation of tech-savvy users looking for an engaging, immersive crypto experience.

TruBit's customer-centric approach is evident in its streamlined registration and KYC process. Recognizing the importance of balancing security with user-friendliness, TruBit has tailored its KYC processes to the unique regulatory landscapes of each different Latin American country. Nevertheless, security is a sensitive topic in the crypto world and TruBit offers world-leading security protocols to protect users' crypto assets, including “Asset password”, a security protocol offering users another layer of safety protection for their crypto assets.

Ready to move to the next level, in April 2023 Galactic Holdings, has successfully raised $10 million in its Pre-A round. The investment was led by BAI Capital, with participation from Animoca Brands, Y2Z Ventures, Longling Capital, Head & Shoulders, TKX Digital Group, Perseverance Capital, and Palm Drive Capital. This round solidified Galactic Holdings' position as an industry leader in LATAM, as they were one of the few cryptocurrency companies to achieve this milestone during the current bear market cycle, and represents the investors' confidence in all the work they have been doing over the last 3 years.

With the new capital in, TruBit could focus on a new addition to its product offering - TruBit Card. The card (in Beta but with the waitlist open) is set to provide a 5% cashback on Bitcoin, an attractive proposition for users looking to accumulate more Bitcoin through everyday transactions. This will also make the use of crypto even more ubiquitous in Latin America.

The funding will also serve for market expansion. As of today, TruBit's market split, it currently holds a significant presence in several Latin American countries: Mexico (44.7%), Argentina (21.4%), Brazil (10.3%) and the rest of LATAM aims to reach an even broader and diverse user base across the region.

In comparison, one of its main competitors, Bitso, operates in Mexico, Argentina, Colombia, and Brazil and boasts 5 million users. While Bitso's user base is commendable, TruBit's unique features and strategic partnerships position it as a strong contender to take the top spot in the Latin American crypto market.

In summary, TruBit is an innovator, striving to break the mold in the crypto exchange space with its standout features, customer-centric approach, and strategic growth plans. It is more than just a crypto exchange - it is a holistic crypto ecosystem that is making strides in Latin America and beyond. While the new trend in the Startup space is now Generative AI, Web3 is not dead and we’re still at the early day to experience all the potential of this new technology, with all its implications it can have on a region like Latin America and Mexico.