62 million investment in the Bitso exchange
The Mexican exchange Bitso announced that it has received a $62 million investment from venture capital companies Kaszek Ventures and QED Investors, and current shareholders Coinbase Ventures and Pantera Capital.
We are very excited to announce that for 1era vez dos de los fondos de capital más importantes del mundo, @QEDInvestors & @KaszekVentures have decided to apostar e invertir en crypto, showing the great potential and impacto de esta tecnología en la vida de las personas. https://t.co/CcU0ggSy7s
– Bitso (@Bitso) December 9, 2020
Kaszek Ventures and QED Investors are two large fintech equity Bitcoin Era funds that, for the first time in their history, decide to invest in the crypto sector.
The investment is the largest ever in Latin America for a company that deals in digital assets.
Bitso now has over one million users, with a 97% share of the crypto market in Mexico and 77% in Argentina, according to the company’s CEO, Daniel Vogel.
Bitso exchange to conquer Latin America
Latin America is also an area where interest in cryptocurrencies is growing, partly because of the high inflation that grips several local currencies.
Moreover, the exchange, also thanks to a partnership with Ripple, is expanding in the remittances market, where, for example, cryptocurrencies have already gained a share of 36 billion dollars a year in the US-Mexico market.
Daniel Vogel said:
„We’ve been talking to QED and Kaszek for a long time and they were interested in cryptocurrency, but they hadn’t pulled the trigger until now. I think their belief is because we are really focused on making this technology accessible to people in Latin America.
In the case of US-Mexico remittances, Bitso has processed over a billion dollars. It’s exciting because it’s a technology that is used for the benefit of consumers, more than just speculation.
As early as October 2019 Bitso raised $15 million, and now employs around 200 people. Thanks to the latest funding, it will also open an office in Brazil.
According to Vogel, Brazil is an interesting place for the development of financial products based on cryptocurrency, so much so that Bitso will be very active in this market.
In addition, the CEO says the aim of the exchange is to provide access to financial products in a similar way to banks, as the level of access to traditional financial services is very low in the region.
In fact, Kaszek Ventures‘ co-founder and managing partner, Nicolas Szekasy, said:
„Cryptocurrency has more opportunities in regions like Latin America than in the US where the banking infrastructure is more sophisticated. We have been looking at the sector for years and are firmly convinced that Bitso is the way to go“.
Kaszek Ventures is also based in Brazil.
QED Investors co-founder and managing partner Nigel Morris added:
„QED has long kept an eye on the cryptocurrency market and Bitso in particular. The power that cryptocurrencies have to revolutionize and innovate traditional financial services is relentless and we look forward to using our operational knowledge and expertise to help Bitso achieve exactly this goal“.