The news also revealed that other investor side Ripple and Coinbase was Jum Capital. And the Digital Currency Group and Pantera Capital. However, the exact amount of funds has not been disclosed.
Based on reports, the raised money will help Bitso expand its business to Latin America. Argentina and Brazil are in the focus for now.
Daniel Vogel, co-founder of Bitso said: “The region is ready for disruption. Therefore, we want to be the ones to do so by radically advancing financial inclusion for everyone.”
Previously, major crypto exchanges, like Huobi and BINANCE also revealed their plans of launching a platform in Argentina. Therefore, this is most likely the motivation for Bitso.
Also, Peter Johnson, principal at Jump Capital, commented on Bitso’s investment round. “We believe that regulatory compliant fiat-to-crypto gateways around the world are an essential element to digital assets becoming a new global money transfer rail,” he said.
Brief info on Bitso
Launched in 2014, Bitso is the pioneer cryptocurrency exchange in Mexico. Accordingly, the exchange aims to provide financial services for the banked and unbanked, using the blockchain technology and digital assets. Presently, Bitso has about 750,000 customers and is the largest exchange in Mexico.
Besides, the exchange’s product has a strong focus on ease of use. Thus, increasing cryptocurrency usage among retail consumers, traders and institutional customers.
Additionally, Bitso exchange boasts of an unparalleled team. Importantly, they created their technology from scratch through years of experience with scalable and reliable distributed systems. “The company and team are well-positioned to execute a global expansion to LatAm. Hence, we are excited to partner with them in this next phase of growth,” Ripple’s blog post noted.
To remind, this partnership joins the endless list of Ripple’s collaborators. Yesterday, Ripple announced it has partnered with the BRD wallet, investing $750.000 into it.
