Bitso to launch derivatives trading after acquiring Quedex platform

The largest cryptocurrency exchange in Latin America, Bitso, announced the acquisition of the European crypto-derivatives platform Quedex.

We are very excited to announce the incorporation of the Quedex team and technology (Bitcoin derivatives platform) into Bitso, to continue evolving money together 🎉 https://t.co/bUPI02ThsN

— Bitso (@Bitso) February 11, 2021

Quedex, like Bitso, holds a license from the Gibraltar Financial Services Commission. In September, the regulator updated the recommendations in accordance with FATF requirements.

The team from the acquired exchange joined Bitso and will continue developing more sophisticated products. The deal was advised by PwC experts.

“The performance of the trading engine is becoming a key competitive advantage in the industry. The integration of Quedex will significantly raise customer satisfaction,” said Bitso’s chief executive Daniel Fogel.

The top executive also confirmed plans for further expansion in Brazil.

In addition to providing access to cryptocurrency trading, Bitso handles remittances and plans to expand its range of services into secured lending and deposits.

According to Fogel, the Quedex acquisition will enable not only futures and options on cryptocurrencies but also margin trading.

“This is what our customers have been asking for. It will reshape the competitive landscape in the region. There are currently no regulated platforms in Latin America offering similar products,” said Bitso’s head.

The company says its customer base stands at 1.4 million users.

In December, Bitso raised $62 million following a Series B funding round.

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