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October 15, 2019updated 02 May 2022 12:45pm

Ripple invests in Mexican cryptocurrency exchange Bitso

Ripple, a creator XRP digital asset for global payments, has led an investment round in Mexican Bitcoin exchange Bitso.

Coinbase, Jump Capital, and existing investors including Digital Currency Group and Pantera Capital have also participated in the round.

Launched in 2014, Bitso is the largest exchange in Mexico with a customer base of 750,000.

In July this year, Bitso became the first exchange platform in Latin America, licensed and regulated by the Gibraltar Financial Services Commission (GFSC).

Bitso plans to use the fresh capital to expand into Argentina and Brazil, among other Latin American countries.

Bitso co-founder and CEO Daniel Vogel said: “The region is ready for disruption and we want to be the ones to do so by radically advancing financial inclusion for everyone.”

As part of the deal, Ripple’s senior vice president of product Asheesh Birla will join Bitso’s board of directors.

Ripple said Bitso plays a key role in RippleNet’s US – MXN corridor by offering critical liquidity for payments.

Bitso is serving as the key exchange partner for Ripple’s on-demand liquidity capabilities, which were launched earlier this year with MoneyGram into Mexico.

Ripple said: “The Bitso team is unparalleled—their technology was built from the ground up through years of experience with scalable and reliable distributed systems.

“The company and team are well positioned to execute a global expansion to LatAm and we are excited to partner with them in this next phase of growth.”

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