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Mexican crypto platform Bitso raises a $62 million round and expands to Brazil

Bitso says that it intends to make Brazil its largest market and that it has been in talks to regulators in the country

CEO and co-founder of Bitso, Daniel Vogel. Photo: LinkedIn
  • The investment marks QED Investors fund debut into the crypto sector;
  • Bitso already has 1 million users, especially in Mexico and Argentina.

Mexican cryptocurrency platform Bitso announced on Wednesday that it raised a $62 million investment round led by QED Investors and Kaszek Ventures, days after debuting in Brazil.

The platform, which presents itself as the largest in the sector in Latin America and the only regulated one in the region, says that it intends to make Brazil its largest market, even though it already has 1 million users, especially Mexico and Argentina.

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The investment marks QED Investors fund debut into the sector. The VC fund has already invested, among others, in the Warren brokerage, Nubank, and the real estate unicorn Loft. The same goes for Kaszek Ventures, also an investor in Nubank and Gympass, GetNinjas, and QuintoAndar, among other startups.

According to the CEO and co-founder of Bitso, Daniel Vogel, the company plans to make cryptocurrencies more “useful” for financial transactions, instead of having a financial investment as their main purpose.

Already regulated by the Gibraltar Financial Services Commission (GFSC), Bitso sought support from the Pinheiro Neto law firm, which in recent years has been noted for working with technology-based financial companies within a changing regulatory scope.

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“We have already talked to the main market regulators in Brazil and we intend to be regulated here as well,” Vogel told Reuters.

Founded in 2014 and headquartered in Mexico, Bitso debuted last February. The company operates with cryptocurrencies bitcoin, ether, XRP, litecoin, bitcoincash, trueUSD, decentraland, golem, basic attention token and DAI.

(Translated by LABS)

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