Mexico-based crypto exchange operator, Bitso, has secured $62 million in a Series B funding round. According to a press release shared with The Block, the funding round was led by QED Investors and Kaszek Ventures. Other participants in the Series B round are Coinbase and Pantera Capital.
According to The Block, the crypto exchange company will use the raised funds to push its expansion into Brazil. Bitso CEO Daniel Vogel confirmed the expansion plans in an interview with The Block.
The CEO stated that the firm already has institutional clients and “large traders” that it provides service to. He added:
“Everything in Brazil is bigger than in Mexico. Yet no exchange in Brazil is larger than Bitso is in Mexico. So [our investors] see a big opportunity replicating what we’ve done in Mexico and bringing that in Brazil.”
A spokesperson for Bitso added that the company hopes to double its current user base of 1 billion in 2021. According to the spokesperson, the proposed expansion may trigger an increase in the company’s user base.
The Block noted that Bitso’s market share has expanded more than 75% since February.
Before now, Bitso secured $2.6 million in a Series A1 funding round. At the time of the Series A round in 2016, the exchange firm was valued at $10 million with six employees.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
