Xoycoin Is The First Mexican Cryptocurrency And Here’s Why People Can’t Wait To Invest In It
Cryptocurrencies seem to be on the tips of almost everyone’s tongues these days. And they’re shaping up to be a major part of the economies of several Latin American countries. In fact, El Salvador just became the first country in the world to make Bitcoin a part of its national currency.
Now, Mexico has launched its first-ever homegrown criptomoneda called the Xoycoin. The digital currency is linked to Ethereum which, after Bitcoin, is the world’s second most valuable cryptocurrency. The Mexican digital currency is already making major headlines because of its current rock-bottom prices – you can get your hands on one Xoycoin for just $20 pesos (about $1 USD).
Mexico introduces its first criptomoneda linked to the popular Ethereum currency.
The Xoycoin was launched by a Mexican financial company called Xoy Capital, which is based in Guadalajara, and it’s the first Mexican cryptocurrency linked to Ethereum, the world’s second most important digital currency. But apart from it being the first in Mexico, the biggest news is that anyone can invest in it with just $20 pesos – about $1 USD.
That low starting price makes it an attractive option to those of us – like myself – who may be totally new to the rather confusing world of cryptocurrencies. According to Entrepreneur, you can start investing in Xoycoin through exchange platforms such as Uniswap, MetaMask and on the xoycoin.io page.
“As this technology develops, more sectors will recognize and accept this trend as a viable payment system. Today, more than 150 businesses in Mexico accept cryptocurrencies as a form of payment. Everything indicates that this practice will become a new conventional financial system,” said the CEO of Xoy Capital, Carlos Lazo, during the presentation of the digital currency.
These new cryptocurrencies are very appealing to some, but can still be too risky for others.
These new forms of currency also offer great investment opportunities to those who can afford to throw some money at them and watch it appreciate in value. Although the most popular cryptocurrency, Bitcoin, is already out of reach for many due to its sky-high value (currently trading at nearly $40,000 USD per Bitcoin), there are new ones being created with shocking regularity. And although not all are guaranteed winners, for some the risk might be worth it.
But let’s get back to Bitcoin. The digital currency is without a doubt the world’s most valuable and it’s reached that high in a short period of time. For example, if you invested in bitcoin when it was first launched in 2009, you would have earned millions or billions, because the initial value of the asset was $0.
Now, let’s say you waited a while to invest (until late-2010) when Bitcoin was going for about $0.10 each. If you invested $100, you’d have been able to buy about 1,000 bitcoins. Now, with Bitcoins going for about $40,000 each, you’re 1,000 Bitcoins would be worth more than $40 million.
That’s why jumping on new cryptocurrencies sounds very attractive to many. People want to be part of the next big thing and how great would it be if a Mexican criptomoneda was just that…?
Okay, but where does the actual value of Xoycoin come from?
The world of digital currencies and investment can be confusing. For example, how do these randomly invented digital coins have any actual value to them? Well, in addition to the blockchain – which is a standard ‘utility token’ – Xoycoin is also based on the value of the corporation behind it, Xoy Capital.
The company, based in Mexico, owns brands from several different sectors: from tequila to architectural offices. But its greatest strength is in the world of sports. Xoy Capital owns some of the largest sports teams in Mexico as well as YOX Holding, which is a sports trading platform worth millions. When combined, these brands help support the value of the Xoycoin which is only likely to grow as more and more people invest in it.
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