Blockchain Firm Ripple Invests In Mexican Crypto Exchange Bitso

Investing, News | October 15, 2019 By:

Bitso, one of Mexico’s largest cryptocurrency exchanges, has raised an undisclosed amount in an investment round that was led by Ripple, the company behind the third biggest cryptocurrency XRP. The round also saw participation from Coinbase, Jump Capital as well as existing investors such as Digital Currency Group and Pantera Capital.

Launched in 2014, Bitso was the first crypto exchange in Mexico and had an ambitious mission to provide financial services for both the banked and unbanked with blockchain technology and digital assets. Today, they are the largest exchange in Mexico with a customer base of 750,000 and counting. Bitso’s products have a strong focus on ease of use, which has helped drive the adoption of cryptocurrency among a broad audience including retail consumers, traders and institutional customers. Two months ago, Bitso became Latin America’s first DLT licensed exchange regulated by the Gibraltar Financial Services Commission (GFSC).

Crypto publication The Block reported that the the latest funding will help Bitso expand its business to Argentina and Brazil, among other Latin American countries.

“The region is ready for disruption and we want to be the ones to do so by radically advancing financial inclusion for everyone,” said Daniel Vogel, co-founder and CEO of Bitso.

As a part of the deal, Asheesh Birla, Senior Vice President (SVP) of product at Ripple, will be joining Bitso’s board of directors.

“The Bitso team is unparalleled—their technology was built from the ground up through years of experience with scalable and reliable distributed systems,” said Birla. “The company and team are well positioned to execute a global expansion to LatAm and we are excited to partner with them in this next phase of growth.”