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Buda.com

Private

South America's oldest and most locally embedded crypto exchange, holding dominant market positions in Chile, Colombia, and Peru through deep integrations with local banks, fiat on-ramps, and peso-denominated trading pairs.

Santiago, Chile Crypto Exchange Est. 2015 Website

At a Glance

Strength

Dominant market share in three distinct countries — 65% in Chile, 45% in Colombia, 30% in Peru — built over a decade of local banking integration that global competitors cannot replicate quickly.

Challenge

Buda has not disclosed significant venture funding, limiting its ability to invest in product breadth, marketing, and international expansion at the pace that well-capitalized competitors can.

Opportunity

Crypto-backed lending is structurally attractive in LATAM — high local interest rates and limited access to formal credit mean there is genuine demand for collateralized loans using Bitcoin or ETH as collateral, and Buda already has the customer base and custody infrastructure to scale this.

Overview

Buda.com was founded in Santiago, Chile in 2015 under the name SurBTC — a name that signaled its ambitions to become the foundational crypto exchange for the Southern Cone. Over the following decade, it built exactly that: dominant market positions in Chile, Colombia, and Peru, anchored not by technology but by something harder to replicate — trust with local banks.

In a region where major banks have repeatedly refused to provide services to crypto companies, Buda spent years cultivating banking relationships that give its users the ability to deposit and withdraw local currency directly. Transbank in Chile, Davivienda in Colombia. These relationships are the company's deepest competitive moat.

Market Position

Buda holds an estimated 65% of Chile's crypto exchange market, 45% in Colombia, and 30% in Peru — numbers that reflect a decade of first-mover advantage and local trust, not advertising spend. Its trading volume in 2022 was heavily concentrated in Chile (80% of platform volume), but the addition of stablecoin pairs and continued Colombian expansion have diversified that base.

Products

The core product is straightforward: buy and sell six cryptocurrencies (BTC, ETH, LTC, BCH, USDC, USDT) against four local currencies (Chilean Peso, Colombian Peso, Peruvian Sol, Argentine Peso). The fee structure is 0.4% for both makers and takers, dropping to 0.2% for monthly volumes above $10,000.

The deliberate simplicity of the asset offering is a product decision, not a limitation. Buda has built its reputation on being a trustworthy ramp in and out of crypto — not a speculative token casino. That positioning resonates with conservative first-time buyers and institutional clients alike.

Newer products include crypto-backed loans (in testing) and cross-border payment rails using Buda's own banking infrastructure — moves toward higher-margin B2B revenue that would reduce dependence on retail trading fees.

The Banking Moat

Understanding Buda requires understanding how difficult bank access is for crypto exchanges in Latin America. Chilean banks famously attempted to shut crypto companies out of the financial system in 2018 — Buda fought back legally and won, but the episode illustrated the structural hostility of traditional banking toward crypto. In that environment, every working banking relationship is a competitive asset.

Even in January 2025, as Binance launched peso services in Colombia, analysts noted that Binance still could not match Buda's depth of local banking connections. The global giant had distribution; the local player had infrastructure.

Editorial Assessment

The Good, The Bad & Opportunities

The Good

  • Dominant market share in three distinct countries — 65% in Chile, 45% in Colombia, 30% in Peru — built over a decade of local banking integration that global competitors cannot replicate quickly.
  • Deep fiat on-ramp relationships with local institutions (Transbank in Chile, Davivienda in Colombia) let users deposit local currency directly without international wire fees — a genuine structural advantage in a region where banking access to crypto remains friction-filled.
  • Operating in four local currencies (CLP, COP, PEN, ARS) is a technical and regulatory achievement that most crypto exchanges have declined to pursue — it creates real switching costs for users who value local fiat liquidity.
  • The addition of USDT trading pairs in late 2024 and Transbank integration in January 2025 show continued product velocity from a company that could easily have become complacent as the regional incumbent.
  • Crypto-backed loan products are an emerging higher-margin revenue line — Buda is piloting Bitcoin-backed lending, a category that could significantly increase ARPU among its existing user base.

The Challenge

  • Buda has not disclosed significant venture funding, limiting its ability to invest in product breadth, marketing, and international expansion at the pace that well-capitalized competitors can.
  • Binance entered peso-denominated services in Colombia in early 2025, representing a direct assault on Buda's competitive moat — a competitor with 200M global users and vastly deeper liquidity cannot be dismissed.
  • Buda's crypto selection is conservative, protecting users from speculative token risk but ceding revenue from the altcoin trading volumes that drive competitor fee income.
  • Argentina operations represent a fraction of total volume (historically under 1%), suggesting Buda has not been able to effectively compete in one of Latin America's most active crypto markets.

Opportunities

  • Crypto-backed lending is structurally attractive in LATAM — high local interest rates and limited access to formal credit mean there is genuine demand for collateralized loans using Bitcoin or ETH as collateral, and Buda already has the customer base and custody infrastructure to scale this.
  • The Circle Alliance partnership positions Buda to deepen its USDC integration, potentially enabling B2B payment products and remittance rails that go beyond retail crypto trading — a higher-margin, stickier revenue segment.
  • Buda's local banking relationships are a defensible infrastructure asset that could be licensed or offered as a B2B service to fintechs and payment companies that need peso on/off ramps without building the banking relationships themselves.
  • Argentina's informal dollarization and extreme peso volatility create persistent demand for USDT savings — a focused relaunch of Buda's Argentina product with USDT at its center could capture share in the region's most crypto-active market.

Let's work together

Building something in LATAM fintech?

I advise fintechs, financial institutions, and investors navigating Latin America's financial ecosystem. If you're building or investing here, let's talk.

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Building something in LATAM fintech?

I advise fintechs, investors, and institutions across the region.

Get in touch