Bitso is this weeks ‘it’ girl, grabbing investment dollars from Ripple, Coinbase, Jump Capital, DGC, and Pantera. A literal who’s who of investment partners that have decided there is plenty of value still to be extracted from the trading of digital assets abroad.
” As reported by crypto publication The Block, the new investment round also involves major investors including United States-based crypto exchange and wallet provider Coinbase, Jump Capital as well as existing investors such as Digital Currency Group and Pantera Capital. The amount of investment has not been disclosed.”
Even though the amount of the investment has yet to be disclosed, you can bet it isn’t a peasants wage. One of, if not the most, profitable areas of the crypto space is the exchange ecosystem. BitMex and Binance regularly book revenues in the tens of millions, if not hundreds, on a quarterly basis. The consortium of investors are betting that their capital and advice could serve to push Bitso into that same stratosphere.
According to the report, the raised funds will help Bitso expand its business to Argentina and Brazil, among other Latin American countries.
As noted by Ripple, Bitso is the largest Mexican crypto exchange that was established in 2014 with a purpose to provide financial services for both banked and unbanked with blockchain technology and digital assets. To date, the customer base of the exchange accounts for 750,000 users.
Noting that its partnership with Bitso takes roots from the company’s beginning in 2014, Ripple says that the firm plays an important role in RippleNet’s United States-Mexican corridor by providing liquidity for payments. Earlier in 2019, Ripple launched On-Demand Liquidity (ODL) capabilities with MoneyGram into Mexico, where Bitso was a key exchange partner, Ripple added.