The American fintech company Ripple led the new investment round of the Mexican cryptocurrency exchange Bitso, one of the largest in the Spanish speaking world. It was also attended by Coinbase, Jump Capital, Digital Currency Group and Pantera Capital. Some of them, including Ripple, have worked with Bitso before.
The amount of attracted funding was not disclosed. The company intends to use the funds received for expansion in the Latin American region, in particular, in Argentina and Brazil.
Bitso was founded in 2014 and today has about 750,000 users. According to Ripple, the exchange played an important role in creating a payment corridor based on the RippleNet system between the United States and Mexico. Earlier this year, Ripple, in collaboration with MoneyGram, launched a “liquidity on demand” service for residents of the country, where Bitso played the role of a key partner.
Last week, Ripple announced a rebranding of its product line, which will now be touted as a single solution for money transfers.