Bitso Seeks $2 Million to Develop Bitcoin Payment Infrastructure in Mexico

Bitso, a Mexico-based digital currency exchange, is close to finishing their $2 million funding round on the fintech crowdfunding platform, BnkToTheFuture. The Mexican exchange has managed to raise $1,952,182 from 58 backers, with 16 days remaining.

According to Co-founder and President, Daniel Vogel, Bitso is the largest bitcoin exchange in the country. In the BnkToTheFuture pitch video, Vogel said that Bitso is one of the few startups attempting to build-up the blockchain infrastructure in Mexico “so that the country is fully prepared for the future of finance.”

BBVA’s innovation center has named Bitso as one of the most innovative fintech startups and Barry Silbert’s DCG has already invested in the firm.

Bitso is hoping to bring the benefits of bitcoin’s global payment network to Mexico’s underbanked/unbanked population, which according to Vogel, amounts to roughly 55% of the entire population, “Only 45% of Mexicans have bank accounts and of those barely half have access to formal credit.” he adds.

The company’s unique integration with the Interbank payment system of the Mexican central bank makes Bitso the best venue for Peso-to-Bitcoin exchanges in the country.

Vogel explains:

“This allows us to issue unique bank account numbers, credit incoming local transfers within seconds, and fully settling funds at any bank account, debit card, or mobile number in the country in the blink of an eye.”

This unique ability allows Bitso to positions itself in a very lucrative position to offer instantaneous remittance and cross-border payment services, which are currently not possible with traditional service such as Western Union.

Vogel says the new capital will allow Bitso to put Mexico on the fintech map.

 

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