Mexico’s Bitso Exchange Raises $62M for International Expansion

Mexico’s Bitso Exchange Raises $62M for International Expansion

One of the largest crypto exchanges in Latin America, Bitso recently carried out a Series B funding round in which it raised a total of $62 million. According to the crypto exchange, they plan on using the funds raised for consolidating their expansion within the Latin American region, which includes the emerging market of Brazil. The latest funding round of the Mexican crypto exchange was led by Kaszek Ventures and QED Investors, both of which are investment funds. After this round, the co-founder of QED, Nigel Morris, and the Managing Director at Kaszek Ventures, Nicolas Szekasy, will both be joining Bitso’s Board of Directors. 

Morris went on to highlight how his company had been keeping track of the crypto market as a whole, which includes Bitso. He said that they had been very pleased with Bitso’s expansion and growth within Latin America and were eager to mention that the crypto exchange is their first investment in their portfolio. The chief executive at Bitso, Daniel Vogel also made a statement about the matter. He said that the crypto exchange’s mission is to enable people to access cryptocurrencies in a simple, universal, transparent and secure way, as this would help make it useful for them.

The CEO went on to say that both QED and Kaszek Ventures have rather brilliant teams, which will help the exchange in advance in its mission. Vogel said that the latest round of financing would fuel the global strategy of the exchange for providing its services throughout Latin America. They would also be able to focus on Brazil. There were some other prominent players who also participated in this funding round, which included notable US crypto exchange Coinbase and Pantera Capital. The last funding round that had been held by the crypto exchange was back in 2019. 

Back then, Bitso had used the funds it raised for expanding its operations this year to Argentina in the month of February. Now, Bitso has shifted its focus to expanding its services in the Latin American region without slowing down in the next few months. Moreover, it should also be noted that the crypto exchange had achieved some milestones in July and they had also gone past the user mark of $1 million. In the last six months, there has also been a 100% increase in the exchange’s staff numbers, which also highlights its progress and growth in the market.

Szekasy also shared his opinion about the matter and said that Bitso had developed its ecosystem in such a way that would help it in becoming the leader in Latin America. He said that Bitso’s team was by far the strongest one and it had helped the exchange in its exponential growth since it was launched. Other positives about the exchange were also highlighted, which included the excellent market understanding of the platform as well as the in-depth and detailed technical knowledge. Suffice it to say, these will help Bitso in moving towards its goals.