Mexican Exchange Bitso Raises $2.5M for its Expansion.
Mexico’s first Bitcoin exchange, Bitso, announced that it has raised $2.5 million in venture capital. The company, founded in 2014, has now raised a total of $4.35 million, becoming the dominant cryptocurrency provider in the Latin American region.
Bitso was founded by Ben Peters, Daniel Vogel, and Pablo Gonzalez, the company offers a traditional type of currency exchange with a limited order book. Bitso was the first exchange that alowed to enable bitcoin for pesos trading within Mexican borders.
Bitso plans to use the capital injection to expand its resources to other countries in Latin America. The latest Series A funding round of $2.5 million came from groups such as Variv Capital, the Monex Group, FundersClub, and Digital Currency Group
Bitso’s trading volume is smaller in comparison to U.S. exchanges, such as Coinbase’s GDAX. The American exchange trades roughly 5,500 BTC a day. while Bitso’s volume has increased over the years, and the business isgrowing. In 2015, the exchange traded roughly 34 BTC daily. Currently, in 2016, the company has volumes reaching 153 BTC per day.
In Bitso’s begining in 2014, the exchange became popular before it launched, accruing 1,000 pre-registered users. Following the launch, Bitso offered 0 percent commission on trades, this with the to get the ball rolling. The company also provided a Mexican SPEI transfers, bank wires, and users could fund their accounts at local stores like 7/11, and Walmart.
Bitso also offers a merchant e-commerce platform that enables commission-free bitcoin acceptance and a point-of-sale application. Its mission is to be the greater Bitcoin exchange house in Mexico. Merchants can visit the BitsoPay setup and add the payment processing feature. The BitsoPay system allows for instant payments, callbacks and communications with a standard SCI platform.
Mexican authorities, such as the region’s central bank, have warned about Bitcoin use in the past. According to sources, the company has been in contact with the bank and Mexican finance officials. The company aims to stay a top contender within Mexico’s borders while expanding in other Latin American countries.
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