Ripple and Coinbase Invest in Bitso helping it Expand beyond Mexico
Bitso is one of Mexico’s largest cryptocurrency exchanges. The cryptocurrency firm has raised an undisclosed amount of money from Coinbase and Ripple to explore the Latin America market.
Ripple led with the investment as Coinbase and Jump Capital participated. However, the already existing investors Digital Currency Group and Pantera Capital; also participated in the round.
Moreover, Bitso was launched in Mexico back in 2014. The company claims it serves over 750,000 users. According to the Monday announcement, the firm is looking to expand to Brazil, Argentina and other Latin American countries.
“The region is ready for disruption and we want to be the ones to do so by radically advancing financial inclusion for everyone,” said Daniel Vogel, co-founder and CEO of Bitso.
In addition, 400 million people in Latin America don’t have bank accounts. This figure represents 70% of Latin America’s population. Additionally, most countries in the said region experience a lot of macroeconomic challenges.
Specifically, Ripple’s partnership with Bitso started in the beginning. Actually, the vice president of product at Ripple, Asheesh Birla, will be joining Bitso’s board of directors. He will help the firm as it expands to South America.
“Technologies like blockchain and digital assets could transform the remittance landscape by making it easier, quicker and cheaper to send money across borders. At Ripple, we are building new rails and working with our infrastructure partners to make this future a reality.”
XRP leads on crypto trading volume on the Bitso platform against the Mexican peso. Roughly, it is three times greater than BTC in trading volume. This is according to data collected by CoinMarketCap. Additionally, Bitso received a distributed ledger technology license the Gibraltar Financial Services Commission. This is after the exchange launched its operations in the Island.
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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