Bitso, a major cryptocurrency exchange based in the City of Mexico has announced the completion of its series B funding round in which it claims to have raised a massive amount of funds. According to the announcement made on Wednesday, the cryptocurrency exchange said that it has raised a staggering amount of $62 million in its Series B funding round.
The funding round was led by QED Investors and Kaszek Ventures
As per the official announcement of the cryptocurrency exchange, this funding round was led by two major firms including the leading boutique venture capital firm QED Investors and the venture capital company Kaszek Ventures.
However, these were not the only investment firms that backed this funding round but there were some other investors as well that took part in the round and thrown their investments. These include the blockchain investment firm Pantera Capital and Coinbase Ventures the investment arm of the leading San Francisco-based cryptocurrency exchange Coinbase. These two are the existing shareholders and have been contributing to the crypto exchange’s funding rounds.
But Kaszek Ventures and QED Investors are the newer ones to take part in this funding round. Commenting on the completion of this funding round, the Co-Founder and Chief Executive Officer (CEO) of the Bitso exchange Daniel Vogel said in a statement that they have continuously been in talks with these firms for a longer period of time and now they have finally agreed to it. As the Bitso CEO said:
“We have been talking to QED and Kaszek for a really long time and they have been interested in crypto but hadn’t pulled the trigger until now. I think the conviction from them is because we are really focused on making this technology accessible to the people of Latin America.”
What’s more, the Managing Partner and Co-Founder of Kaszek Ventures Nicolas Szekasy and QED Investors’ Co-Founder and Managing Partner Nigel Morris will also be reportedly becoming a part of the board of the Bitso crypto exchange.
Expanding cryptocurrency footprints in Brazil
Through these raised funds, this prominent Latin American cryptocurrency exchange aims at expanding cryptocurrency footprints in Brazil. The new investment will help the firm in boosting its expansion in this region.
Reportedly, this is the largest funding on the part of the cryptocurrency exchange Bitso. Back in the year 2016, an amount of approximately $2.5 million was raised by the company in a funding round called Series A1.