October 25, 2020

Ripple and Coinbase invested in expanding Bitso Bitcoin exchange operations in Latin America

Mexico's leading cryptocurrency exchange Bitso has attracted financing from industry-famous investors on expanding its activities in Latin America. The amount of investment is not disclosed, reports The Block.

A round of financing led by fintech companyRipple, also attended the largest US cryptocurrency company Coinbase. In addition, the participants in the round were Digital Currency Group and Pantera Capital, who had previously invested in the exchange.

Bitso has been working in Mexico since 2014 and howclaims to serve 750 thousand users in the country. The exchange intends to use the raised funds for business expansion primarily in such large countries as Argentina and Brazil.

Among other economic difficulties, a numberLatin American countries are facing currency crises. In Argentina, the government, for example, imposed restrictions on the purchase of foreign currency, trying to stop the fall of the peso. Brazil's economy has fallen into recession due to high unemployment, declining investment and a global recession.

Against this background, cryptocurrency is growing in the regionactivity. In Argentina, weekly volumes of bitcoin transactions on the p2p platform LocalBitcoins jumped to almost $ 196 thousand. In Brazil, this figure reached $ 307 thousand.

Ripple and Coinbase invested in expanding Bitso Bitcoin exchange operations in Latin America

Weekly transaction volume on LocalBitcoins in Argentina (in pesos). Source: coin.dance

Recall that earlier, one of the largest Bitcoin exchanges Huobi announced the opening of a cryptocurrency trading platform in Argentina.