Victor Ugochukwu · Dec 14, 2020 . 5min read
Mexican cryptocurrency exchange Bitso raises $62M
The Mexican crypto exchange Bitso raises $62 Million in a Series B funding round led by the Kaszek Ventures and QED Investors.
By Komal Joshi · Dec 11, 2020 . 5min read
Bitso, a Mexico-based exchange, raises $62 million in the Series B funding round. Kaszek Ventures and QED Investors led the round. The round also included participation from Pantera Capital and Coinbase. Following the round, QED’s co-founder Nigel Morris and Kaszek’s managing director Nicolas Szekasy will enter Bitso’s board of directors. The Mexico-based exchange lately reached 1 million users. Moreover, it is looking to expand over Latin America, focusing on Brazil, where it started earlier this year.
The new funding will kindle the next stage of Bitso’s expansion into these new markets. Moreover, it will help power its engineering team as it develops the top crypto products for Latin America. Speaking about the funding round, Bitso’s Chief Executive Officer Daniel Vogel says that the fresh introduction of capital will enable the firm to develop its presence in Brazil. Bitso’s business reaches beyond that of a conventional exchange business of meeting buyers and sellers. It also has been developing its reach in payments and will soon drive supplementary financial service products. It involves interest-bearing accounts and collateralized lending.
Bitso targets Brazil after extending services in Argentina.
Bitso extended operations in Argentina in February and has intentions to grow into more countries in the Latin region and globally in the forthcoming months. The company’s first harbor of the call will be Brazil. The most comprehensive market in the region, Brazil serves as a huge untapped event for Bitso’s growth, says Daniel Vogel. Furthermore, the company claims a customer base of 1 million, and with the new funds, it expects to add another 1 million Brazilian consumers to the platform.
In October 2019, Ripple led a funding round in Bitso that involved significant investors like Coinbase, Jump Capital, Pantera Capital, and Digital Currency Group. Previously, in 2016, Bitso raised $2.5 million in a Series A1 round. At that time, the firm had a valuation of $10 million and merely six employees. The firm extended its headcount from 80 to 200 employees across the past five months.
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