Latin America’s largest cryptocurrency exchange Bitso has announced the closing of a $62 million Series B funding round.
According to a ForkLog press release, the round was led by Kaszek Ventures and QED Investors, with existing shareholders Coinbase Ventures and Pantera Capital taking part.
QED Investors co-founder Nigel Morris and Kaszek Ventures managing partner Nicolás Sekashi joined Bitso’s board of directors. Both firms are making their first investment in a cryptocurrency company.
Bitso said the funding would be used to strengthen the team with new hires and to further expand the business into new markets. According to founder and CEO Daniel Vogel, the main focus will be on Brazil.
The Mexican exchange dominates its home market and has more than a million users. In 2020 Bitso began international expansion, launching a beta version of the platform in Brazil, followed by Argentina.
In the coming months the company plans to expand its operations in other Latin American countries and to venture beyond the region.
In 2019, Bitso attracted funding from Ripple, Coinbase, Digital Currency Group and Pantera Capital for expansion beyond Mexico.
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