The Mexican exchange Bitso announced that it has received an investment of $ 62 million from venture capital firms Kaszek Ventures and QED Investors, and current shareholders Coinbase Ventures and Pantera Capital.
We are very excited to announce that for the 1st time two of the world's largest equity funds, @QEDInvestors & @KaszekVentures They have decided to bet and invest in crypto, showing the great potential and impact of this technology in people's lives. https://t.co/CcU0ggSy7s
– Bitso (@Bitso) December 9, 2020
Kaszek Ventures and QED Investors are two large fintech equity funds who, for the first time in their history, are deciding to invest in the cryptocurrency sector.
The investment is the largest ever made in Latin America for a company that focuses on digital assets.
Bitso now has more than one million users, with a 97% share of the cryptocurrency market in Mexico and 77% in Argentina, according to the company's CEO, Daniel Vogel.
Bitso Exchange to conquer Latin America
Latin America It is also an area where interest in cryptocurrencies is growing, partly due to the high inflation that affects various local currencies.
Furthermore, the exchange, partly thanks to a partnership with Ripple, is expanding into the remittance market, where cryptocurrencies have already gained a $ 36 billion-a-year share of the US and Mexican market.
Daniel vogel said:
“We have been talking to QED and Kaszek for a long time and they have been interested in cryptocurrencies but they had not pulled the trigger until now. I think their conviction is because we are really focused on making this technology accessible to the people of Latin America.
In the case of remittances between the United States and Mexico, Bitso has processed more than a billion dollars. That is exciting because it is the technology that is being used for the benefit of consumers, rather than mere speculation.
Bitso raised $ 15 million in October 2019 and now has around 200 employees. Thanks to the latest funding, will also open an office in Brazil.
According to Vogel, Brazil is an interesting place for the development of financial products based on cryptocurrencies, so Bitso will be very active in this market.
In addition, the CEO says that the purpose of the exchange is to provide access to financial products in a similar way to banks, since the level of access to traditional financial services is very low in the region.
In fact, the cofounder and managing partner of Kaszek Ventures, Nicolas Szekasy, said:
“Cryptocurrencies have more opportunities in regions like Latin America than in the US, where the banking infrastructure is more sophisticated. We have spent years investigating the space and we have the firm conviction that Bitso is the way to go ”.
Kaszek Ventures is also based in Brazil.
The co-founder and managing partner of QED Investors, Nigel Morrisadded:
“QED has long held a pulse in the cryptocurrency market and Bitso in particular. The power crypto has to disrupt and innovate traditional financial services is inexorable and we look forward to using our operational knowledge and experience to help Bitso achieve exactly that. "