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Bitso Exchange Raises $62M for Brazil Crypto Expansion

Bitso Exchange Raises $62M for Brazil Crypto Expansion
  • Bitso exchange has raised about $62 million in its most recent funding round.
  • The exchange aims to use the said amount to expand its crypto operations in Brazil.
  • Bitso’s latest fundraise attracted several investors like QED CEO Nigel Morris and Kaszek Ventures Co-Founder Nicolas Szekasy to participate.

Cryptocurrency exchange Bitso has raised over $62 million in funds to expand crypto services in Brazil. Bitso’s fundraise will help empower the Brazilians to have access to digital assets.

As per Forbes, Bitso aims to provide crypto services “in a similar way to a bank”. It also cited that the Brazilian community will enjoy remittance services soon.

Bitso CEO Daniel Vogel said,

Brazil is probably the most exciting place to be building out how we envision crypto-powered financial products for the end consumer.

For this,  Bitso has vowed to show a strong commitment to offering curated fintech and blockchain-based services in Brazil. By doing so, Bitso will bootstrap the size of its platform members in the upcoming years.

According to a Nasdaq report, Bitso’s fundraise has inspired several investors, including QED’s Co-Founder Nigel Morris, Kaszek Ventures Co-Founder Nicolas Szekasy, and many others. Additionally, the investors are joining the board of Bitso.

Daniel Vogel added,

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.

Finally, Vogel hinted that their 1 million user milestone enticed investors to finally say yes to Bitso.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.