Bitso, a Mexico-based cryptocurrency exchange, recently closed a $62M series B funding round led by Kaszek Ventures and QED investors. Previous investors Coinbase Ventures and Pantera Capital also participated in this round.
The cryptocurrency platform was founded in 2014 by Ben Peters, Daniel Vogel, and Pablo Gonzalez and with this round of funding, Bitso positions itself as the leading cryptocurrency platform in the region, with one million users and over 95% reported market share in Mexico.
“Bitso has built the leading crypto ecosystem in Latin America and is growing at an exponential rate. The team is by far the strongest in the region and combines deep technical knowledge with a great understanding of the market,” said Nicolas Szekasy, co-founder and Managing Partner at Kaszek Ventures.
The platform also recently expanded into Brazil and Argentina and is one of the only platforms to be licensed under the Distributed Ledger Technology (DLT) license from the Gibraltar Financial Services Commission (GFSC).
The founders focus on the ability of cryptocurrencies to reduce friction and cost in markets where financial services often ignore the middle class and low-income consumers.
“Our mission is to give universal access to cryptocurrency and make crypto useful for people in their daily lives,” said Vogel. “Working with the brilliant, experienced teams at QED and Kaszek Ventures will help us further this mission. Today’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.”
Bitso is already processing $1B in remittances for customers, currently employs over 200 people from 25 different countries, and intends to use the capital to expand aggressively across Latin America.