Mexico’s Bitso Exchange Sees $62M Raised For International Expansion

Bitso stands as one of the biggest crypto exchanges out there in Latin America, and has recently done a Series B funding round that managed to raise $62 million in total. According to Bitso, the plan is to make use of these funds in order to consolidate its expansion within the Latin America space, Brazil’s emerging market included.

Kaszek And QED Leading New Funding Round

The Mexican exchange’s latest fundraising round was led by QED Investors and Kaszek Ventures, both investment funds. As a sign of their contribution, Nicolas Szekasy, the Managing Director of Kaszek, will join Nigel Morris, the co-founder of QED, as they enter the Board of Directors of Bitso after this round.

Morris, in particular, highlighted how QED had been keeping an eye on the crypto market at large, and Bitso in particular. He expressed that it was a pleasure to see Bitso expand and grow within Latin America, and is eager to state that Bitso is the company’s first investment in its portfolio.

Plans Of Expansion, Brazil In Particular

Daniel Vogel stands as Bitso’s CEO, and gave his own statement about the matter at large. He explained that the mission for the exchange is allowing cryptocurrencies to be accessed in a secure, transparent, universal, and simple way, making it useful for the lives of the people as well.

He added that both Kaszek Ventures and QED boasts brilliant teams, which will help Bitso to advance its mission, in turn. Vogel explained that this latest round in financing would fuel the exchange’s global strategy to provide its services across Latin America, focusing on Brazil, in particular.

Other key players that took part in this funding round are Pantera Capital and none other than Coinbase.

The mandatory Kind Words

The last investment round for Bitso took place back in 2019, with the exchange successfully expanding its operations into Argentina in February this year. From here, Bitso is gearing towards expanding both within the Latin region and without coming in the next couple of months.

Bitso had some milestones achieved back in July, as well, pushing past the 1 million user mark. Over the past six months, the exchange has seen a 100% increase in its staff numbers, as well.

Szekasy gave comment about the matter, as well, claiming that Bitso had built its crypto ecosystem to be the leader in Latin America. He highlighted Bitso’s team, which Szekasy stated was the strangest by far, and the exponential growth it’s had since its inception. Further compliments came by way of praising the exchange’s excellent market understanding and in-depth technical knowledge.