Mexico's first Bitcoin exchange Bitso receives $2.5 million in Series A funding

On Thursday (September 29), Mexico's first Bitcoin exchange Bitso announced that it had received a $2.5 million Series A financing. It is understood that the Bitcoin exchange, which was founded in 2014, has currently raised a total of $4.35 million. It is also the largest digital currency service provider in Latin America. Investors in this round of financing include Variv Capital, Japanese online financial services group, FundersClub, and Digital Currency Group.

At present, Bitso can also provide traditional currency trading services, and its digital currency uses the Ripple network to verify transactions. Thanks to this latest financing, the company plans to enter other countries in Latin America, and one of the investors, the Japanese online financial services group, also uses the Bitso Bitcoin trading system for international transactions.

The daily trading volume of Coinbase's GDAX exchange in the United States is about 5,500 bitcoins. Compared with bitcoin exchanges in the United States, Japan and other places, the trading volume of Bitso exchange is not large, but its trading volume is growing every year. Last summer, Bitso acquired another competitor in the country, Unisend Exchange. Last year, the daily trading volume was about 34 bitcoins, and this year the number has risen to 153 bitcoins.

In addition, Bitso has launched a merchant e-commerce platform, the BitsoPay system, which supports instant payment, transaction reversal, fund reconciliation, etc. Merchants can accept Bitcoin transactions by deploying the corresponding POS application, and they can also avoid fees and commissions.

It is reported that Bitso is currently in talks with banks and financial regulators to further expand its digital currency trading business.