The Mexican exchange recently completed a series B funding round that saw it raise $62 million.
In Mexico and Latin America at large, Bitso is the largest exchange. Capital firm Kaszek Ventures and Virginia based QED Investors led the Series B funding round. As they have been active in the area, both venture capital companies emphasize Latin America.
In the past, venture funds invested in a few projects in their early stages. QuintoAndar Creditas, Kavak, and Nubank are some of the projects the two have previously worked together on. After raising $62 million in a Series B funding round, Bitso will be the new addition to this list.
With this support, the crypto exchange will boost its position in an area it already dominates in Latin America. The exchange has over one million users in Mexico and over 95 percent of the estimated market share. Before this, an investment round was last conducted by the exchange in 2019.
This year, Bitso joined the Argentine market and spread to Brazil, an emerging market where it has so far earned positive reviews. The completed funding is expected to advance to new markets in the next phase of Bitso’s expansion strategy. It will also help guide the brilliant innovation team of the exchange as it develops crypto products.
â€œOur mission is to give universal access to cryptocurrency and make crypto useful for people in their daily lives. Working with the brilliant, experienced teams at QED and Kaszek Ventures will help us further this mission. Todayâ€™s investment will fund our global strategy to offer the Bitso platform to consumers in other countries in Latin America with a particular focus on Brazil.â€said Daniel Vogel, chief executive Bitso.
QED’s co-founder Nigel Morris and Kaszek’s co-founder Nicolas Szekasy will become members of the board of directors of the exchange following the funding.
â€œQED has long kept the crypto market and Bitso in its crosshairs. It has been a pleasure to see the company grow and expand in Latin America. We are excited that Bitso is our first investment in our portfolio.â€Morris asserted.
Coinbase and Pantera Capital are other companies that have taken part in the funding round.