Mexican crypto exchange Bitso has raised an undisclosed amount in an investment round that was led by Ripple. The round also saw participation from Coinbase, Jump Capital as well as existing investors including Digital Currency Group and Pantera Capital.
As a part of the deal, Asheesh Birla, Senior Vice President (SVP) of product at Ripple will be joining Bitso’s board of directors.
The new funds are expected to be directed towards the exchange’s Latin American expansion plans with a focus on Argentinian and Brazil markets.
Bitso was launched in 2014 with a mission to provide financial services for both the banked and unbanked using blockchain technology and digital assets. The exchange today has a customer base of approx. 750,000, according to reports.
Bitso’s products focus on ease of use to help drive the adoption of cryptocurrency among a broad audience including retail consumers, traders, and institutional customers.
The company provides liquidity in payments for RippleNet’s US – MXN corridor. Earlier this year, Ripple launched on-demand liquidity (ODL) capabilities in Mexico along with MoneyGram, for which Bitso was a key exchange partner.
About two months ago, Bitso received its DLT license regulated by the Gibraltar Financial Services Commission (GFSC). As a part of which, the GFSC is expected to oversee the exchange’s custodial service, withdrawals, deposits and trading of cryptocurrencies under a special framework designed for regulating businesses in the distributed ledger technologies industry, as per the reports.