The cryptocurrency industry is growing exponentially across the globe, especially the developing nations where the people are adopting digital assets aggressively.
Bitso, a popular South American crypto exchange, successfully raised a massive $62 million in the funding round.
Bitso raised $62 Million in funding.
Bitso is backed by Coinbase and is a leading crypto exchange in Latin America. The exchange announced that Bitso’s Series B had garnered substantial investment from a venture capitalist firm QED Investors and Kaszek Ventures. Leading names in the crypto industry Pantera Capital and Coinbase also took part in the funding round.
The CEO and Co-Founder of Bitso, Daniel Vogel, said that the company has been in talks with QED and Kaszek for a long time; while both VCs were interested in crypto investment, they did not initiate it till now. He further added that “I think the conviction from them is because we are really focused on making this technology accessible to the people of Latin America.”
Bitso has a high market share in South American crypto markets and is a leading exchange providing crypto trading facilities to the people in the area. Having 97 percent of market share in Mexico and around 77 percent market share in Argentina, Bitso has more than one million users.
The CEO, Vogel, said that the deflationary currencies have led to the increase of users on its platform. As the cryptocurrencies tend to gain mainstream adoption and real-world use cases of the same increase, the VC’s are more interested in the investments.
As cryptocurrencies record more than $36billion per year financial transactions, especially in the US-Mexico corridor, VCs are majorly inclined to tap the markets. Vogel added that Bitso had processed more than one billion dollars in the US-Mexico remittances as it envisioned as per an interview published by the Block earlier this year.
Expansion in Brazil
Bitso previously raised more than $15 million in Series A in October 2019, and it has exponentially raised the amount in the latest fundraising. The company is going to utilize the funds to expand its operations to newer locations in South America by building out a Brazil-based facility.
As per Vogel, Brazil is the latest hotspot for building the new crypto powered financial customers for the cryptocurrency industry. The company is required to showcase a lot of dedication and commitment to the same in Brazil, and it aims to expand its foothold in Brazil. They plan to increase the team size in Brazil and use funds raised to capitalize on the markets.
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