The cryptocurrency platform Bitso announced a new series B investment round for 62 million dollars (million dollars), led by investment funds Kaszek Ventures and QED Investors.
The company, founded in 2014, has more than one million users and more than 95% market share in Mexico, 77% in Argentina and recently began operating in Brazil.
Kaszek Ventures and QED Investor are two of the most successful investment funds in the fintech industry in Latin America. Nigel Morris from QED and Nicolas Szekasy from Kaszek will serve on Bitso’s board of directors. Current shareholders Coinbase and Pantera Capital also joined the round.
“Our mission is to give universal access to cryptocurrencies and make them useful in people’s lives,” said Daniel Vogel, CEO of Bitso, in a statement. “This round will finance our global strategy to continue offering the Bitso platform in other Latin American countries, with a particular focus on Brazil.”
A year ago Bitso became the first cryptocurrency company to be regulated by the Gibraltar Financial Services Commission (GFCS) and that would allow it to consolidate its international expansion in Latin America.
During this year, the platform launched its international expansion plan, opening new operations in Argentina in February and plans to expand to more countries in Latin America and regions around the world in the coming months. The Series B financing that Bitso announced today represents the first foray into the cryptocurrency market for both QED Investors and Kaszek Ventures.
“Bitso has built the leading crypto ecosystem in Latin America and it is growing exponentially. The team is by far the strongest in the region as it combines deep technological knowledge with a great understanding of the market, ”said Nicolas Szekasy, co-founder and managing partner of Kaszek Ventures, in the statement. “Since they launched, they have developed a platform that includes exchange features, international payment capabilities, and banking features that allow you to intuitively trade crypto.”
