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Mexican crypto exchange Bitso raises $62m to take on Brazil

Mexican crypto exchange Bitso raises $62m to take on Brazil

Mexico-based cryptocurrency platform Bitso is looking to conquer Latin America after securing $62 million in a Series B funding round led by Kaszek Ventures and QED Investors.

Existing shareholders Coinbase Ventures and Pantera Capital joined the round for Bitso, which offers a crypto trading app for retail investors as well as a professional-grade platform.

Founded in 2014, the firm already claims more than one million users and over 95% of the Mexican market and a substantial userbase in Argentina. Recently it opened a closed beta in Brazil and plans to move into more countries in Latin American and around the globe in the near future.

The new funding will be used to fuel this expansion and to boost the company's engineering team.

Daniel Vogel, CEO, Bitso, says: "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."

Nicolas Szekasy, managing partner, Kaszek Ventures, adds: "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."

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