Bitso, Latin America's Largest Crypto Trading Platform, Completes Series B Funding Led by Kaszek Ventures and QED Investors
Rhythm BlockBeats news, according to Crunchbase, the Mexican cryptocurrency trading platform Bitso completed a $62 million Series B financing led by Kaszek Ventures and QED Investors, and existing investors Coinbase Ventures and Pantera Capital also participated this financing.
It is understood Nigel Morris from QED and Nicolas Szekasy from Kaszek joined as part of the investment Board of Directors of Bitso. Bitso co-founder and CEO Daniel Vogel introduced, “Since its establishment in 2014, Bitso has raised a total of approximately US$81 million, including a US$15 million Series A financing in October 2019.” Bitso claims to be the largest and most trusted in Latin America. Ren's crypto trading platform with a market share of more than 95% in Mexico.
For the funding of this financing, Bitso will use this new capital Expanding operations in other regions will also develop more encrypted products and use cases for enterprises and individuals. "Some new products are expected to be launched in 2021." Daniel Vogel said.
According to reports, currently Bitso has more than 200 employees from 25 different countries, and most of the growth occurs in In the past year, the company previously received approval from Mexican regulators, a move that helped build trust among customers. "Our business has grown tremendously," Vogel said. "In 2019, we had about 80 employees. Now we have more than 200 employees. At the same time, we are processing an average of $4 million to $5 million a day, and now the average day Handle $20 million."
As previously reported by Rhythm, about 70% (or 400 million) of Latin America’s The population does not have bank accounts, and some countries are also facing domestic macroeconomic challenges. Bitso provides users with cross-border transfer services, even if the recipient does not have a bank account, Bitso can also transfer funds to partners in Mexico For example, cash operators allow recipients to withdraw money there, making cross-border real-time settlement of funds possible.
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