The Mexican stock exchange recently completed a Series B funding round that raised $ 62 million
Bitso is the largest exchange in Mexico and Latin America. The Series B funding round was driven by corporation Kaszek Ventures and Virginia-based QED Investors. Both venture capital firms focus on Latin America as they have been successful in the region.
The risk funds have already invested in a number of projects in the past. Projects the two previously worked on include QuintoAndar Creditas, Kavak, and Nubank. Bitso will be the latest addition to this list after raising $ 62 million in a Series B funding round.
With this funding, the crypto exchange is strengthening its position in Latin America – a region it already dominates. The exchange has over a million users and more than 95% of the reported market share in Mexico. Previously, the exchange last held an investment round in 2019.
Bitso entered the Argentine market earlier this year and also expanded into Brazil – an emerging market where it has received positive feedback so far. The completed financing is expected to drive the next phase of Bitso’s expansion plan into new markets. This will also be helpful in advancing the exchange’s brilliant engineering team in developing crypto products.
“Our mission is to provide universal access to cryptocurrency and to make crypto useful for people in their daily lives,” said Daniel Vogel, CEO of Bitso.
“Working with the brilliant, experienced teams at QED and Kaszek Ventures will help us advance this mission. Today’s investment will fund our global strategy to bring the Bitso platform to consumers in other Latin American countries, with a particular focus on Brazil. “
After funding, QED co-founder Nigel Morris and Kaszek’s co-founder Nicolas Szekasy will join the exchange’s board of directors.
“QED has kept the crypto market and Bits in its crosshairs for a long time. It was a pleasure to see the company grow and expand in Latin America. We are excited that Bitso is our first investment in our portfolio, ”said Morris.
Other companies that participated in the funding round are Coinbase and Pantera Capital.