Bitso: Navigating the cryptocurrency roller-coaster
A cryptocurrency exchange platform, born in an era when few understood or knew about them.
Through a turbulent journey marked by market booms, regulatory hurdles, and sporadic investments, Bitso has not only survived but thrived. It has become a regional leader in the cryptocurrency space, driven by its commitment to security, transparency, and technological excellence.
Company background
Bitso is a cryptocurrency exchange platform founded in 2014.
They have received significant investments, including $2.5 million dollars in 2016, $15 million dollars in October 2019, $62 million dollars in December 2020, and $250 million dollars in May 2021, reaching a valuation of $2.2 billion dollars.
They have over 7 million customers in Mexico, Brazil, Colombia, and Argentina.
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Services offered
They offer services including buying and selling cryptocurrencies, storage, investment, and transfers.
They have launched a Mastercard for customers to use their cryptocurrencies as a means of payment.
They have also focused on cross-border transfers.
Market volatility and revenue
They experience high levels of volatility in the cryptocurrency market, which affects their income from intermediation fees.
In 2021, their intermediation fees may have driven their revenue to exceed $100 million dollars.
Company history and growth
They have experienced a roller-coaster ride in their history, from their creation to the 2017 cryptocurrency boom, regulatory obstacles, and a shortage of venture capital investments.
Bitso has built a valuable brand for cryptocurrency enthusiasts and is known for its capacity for technological development and innovation in financial services.
Current challenges and commitment
Despite a challenging environment for cryptocurrency startups, Bitso continues to advance and remains committed to high standards of security and transparency.
