Mexican cryptocurrency exchange Bitso raises more than $200 millio
CBW -External Analyst
May, 07 2021
According to www.businesswire.com, the highlight is Bitso increased a US$250 million Series C from an all-star set of investors with Tiger Global, BOND, Pantera Capital, and Kaszek for Crypto as of 05, May’21.
Bitso has achieved victory by offering global-minded product offerings that suit the requirements of local customers in Argentina, Mexico and now Brazil.
Demand for crypto-enabled and crypto-assets financial products have soared in acceptance both for individuals and businesses. It also is the single player in the region to propose crypto-insurance for their client's funds.
Originated in 2014, the Mexico City-based company suggests multiple cryptocurrency products and facilities to more than 2 million customers crosswise Mexico. These comprise the Bitso App that lets users sell, buy, send, or accept bitcoin and 8 other cryptocurrencies; Bitso Alpha, a professional-grade crypto trading stage.
The company rights it has further than a 95% crypto market share in Mexico and additional than a 60% share in Argentina.
In January 2021, Colombian supervisors reportedly took Bitso as one of the nine companies permitted to test crypto use cases under the government’s pilot package.
Bitso is also making plans to introduce crypto derivatives trading platforms and interest-bearing crypto accounts.
In the U.S., Bitso is maybe better recognized for its crypto remittances services lead in partnership with San Francisco-based Ripple. It also invested in the company earlier this year.
Bitso handled around $1.2 billion in remittances, amounting to 2.5-3% of the annual remittances volume between the U.S. and Mexico, bestowing Vogel. The lion’s share of those movements was powered by Ripple’s On-Demand Liquidity Service (ODL), bringing instant cross-border payments without pre-funding over Ripple’s cryptocurrency XRP.
Bitso’s future products embrace a crypto derivatives platform and notice bearing accounts for crypto.
This is a key moment for the future of finance in Latin America, Vogel said TechCrunch.
We see an important amount of traditional financial infrastructure in the district being traded by crypto. We decided to use this funding to remain that trend by expanding our product contribution for individuals and businesses.
Logically, Bitso’s investors are bullish on the company’s prospective.
CBW - External Analyst