Bitso secures $62M to capitalize on an expected cryptocurrency boom

Bitso secures $62M to capitalize on an expected cryptocurrency boom

Mexico-based financial services and cryptocurrency exchange platform, Bitso, has reportedly announced its closure on $62 million in funding to effectively capitalize upon a cryptocurrency boom that, according to investors, is expected to hit Latin America.

With its base of 1 million users (prominently in Argentina and Mexico), Bitso might already be the dominant cryptocurrency platform in LATAM. The company is one of the only platforms that has obtained the DLT (Distributed Ledger Technology) license from the GFSC (Gibraltar Financial Services Commission).

According to QED Co-founder, Nigel Morris, crypto is clearly coming of age as an asset class enabling numerous financial services that could be used for lending and the cross-border movement of money. This thing is now real and palpable and is not going away, added Morris.

Through the last months of 2020, the three prominent cryptocurrencies are all trading up, with Bitcoin prices reaching or exceeding record heights. The global expansion of these digital currencies and their applications in surfacing markets have attracted savvy financial services investors comprising the firm QED Investors, which has joined Kaszek Ventures, the Latin American heavyweight investor, in funding Bitso’s $62 million round.

For Bitso, the big opportunities are presenting Latin American investors with an opportunity for making investments in foreign currencies such as the U.S. dollar via stablecoin offerings at the side of a slew of cross-border remittance and lending services, along with peer to peer transaction services that are already offered by the company.

As expressed by Bitso’s Co-founder, Daniel Vogel, Bitso has really good traction building products where the key product does not comprise exposure to crypto or bitcoin but the fulfillment of this vision of making crypto useful. The two investors have a lot of knowledge in the financial technology space and the company is thrilled to continue the development of these projects, added Vogel.

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