In the rapidly evolving world of digital finance, few companies have made as significant an impact in Latin America as BITSO SAPI de CV. Founded in 2014 and headquartered in Mexico City, Bitso has emerged as a trailblazer in the region’s cryptocurrency ecosystem. As the first crypto exchange in Mexico and the first Latin American crypto unicorn, Bitso is redefining how people access and use digital assets across the continent.
The Rise of a Regional Fintech Leader
Bitso began its journey on January 23, 2014, as Mexico’s first Bitcoin exchange. From day one, its mission was clear: to simplify access to cryptocurrencies and improve financial inclusion—especially for the millions of unbanked individuals in Mexico and beyond. The platform allows users to buy, sell, and transfer Bitcoin and other digital currencies seamlessly using mobile devices or desktops.
Led by CEO Daniel Vogel, CTO Ben Peters, and CDO Pablo Gonzalez, Bitso quickly distinguished itself by combining cutting-edge blockchain technology with user-friendly design and localized financial solutions. Its early integration with Ripple’s network enabled cross-border transactions in pesos, dollars, and Bitcoin, focusing particularly on remittances from the U.S. to Mexico—a critical financial corridor for millions of families.
👉 Discover how leading crypto platforms are transforming financial access in emerging markets.
Key Milestones in Bitso’s Growth Journey
2014–2015: Laying the Foundation
In its early years, Bitso captured 50% of the Mexican peso/Bitcoin trading volume, outpacing competitors like LocalBitcoins. In 2015, Daniel Vogel joined as an equal partner and CEO, strengthening leadership. That same year, Bitso acquired Unisend, a smaller Mexican crypto exchange, integrating its infrastructure and talent. Jose Rodriguez, former CEO of Unisend, became Vice President of Payments.
Despite modest daily trading volumes—around 33.4 BTC (approximately $7,300 at the time)—the acquisition marked a strategic step toward consolidation and scalability.
2016: Expansion Through Partnerships and Funding
2016 was a pivotal year for Bitso. It partnered with Zmart Group to offer over-the-counter Bitcoin sales in more than 29,000 convenience stores across Mexico, dramatically increasing accessibility for non-tech-savvy users.
That same year, Bitso raised $2.5 million in Series A funding led by Digital Currency Group, with participation from Monex Group, Variv Capital, and Xochi Ventures. At the time, the company served 20,000 customers and processed around $2.5 million in weekly transactions. A core part of its strategy remained focused on serving Mexico’s unbanked population—nearly half the country’s residents—who lacked access to traditional banking services.
2018–2019: Recognition and Regulatory Firsts
By 2018, Bitso had earned recognition as one of Ripple’s earliest “Preferred Digital Asset Exchanges,” alongside Bittrex and Coins.ph. This partnership enhanced liquidity and credibility within the global blockchain network.
Thomson Reuters began sourcing cryptocurrency price data from Bitso, underscoring its growing influence in financial data reporting.
In August 2019, Bitso achieved a historic milestone by becoming the first licensed distributed ledger technology (DLT) exchange in Latin America, setting a precedent for regulatory compliance in the region.
By October 2019, Ripple made a direct investment in Bitso to expand its footprint across Latin America—an endorsement of Bitso’s regional leadership and technological infrastructure.
2020–2021: Explosive Growth and Unicorn Status
In 2020, Bitso reported a staggering 300% increase in trading volume over eight months and surpassed 1 million users, with 92% based in Mexico. This surge reflected rising public interest in digital assets amid economic uncertainty and inflation concerns.
The momentum culminated in May 2021 with a $250 million Series C round led by Coatue and Tiger Global Management, joined by QED Investors, Kaszek, and Pantera Capital. The funding round valued Bitso at **$2.2 billion, officially making it the first cryptocurrency unicorn in Latin America**.
Core Keywords Driving Bitso’s Success
The rise of Bitso can be attributed to several interconnected themes that resonate deeply with both users and investors:
- Cryptocurrency exchange
- Blockchain technology
- Fintech innovation
- Financial inclusion
- Digital assets
- Latin America
- Mexico
- Unicorn startup
These keywords not only define Bitso’s market positioning but also reflect broader trends shaping the future of finance in emerging economies.
Financing Timeline: Building a Crypto Powerhouse
Bitso’s growth has been fueled by strategic investments from top-tier global firms:
- Seed Round (2015–2016): Raised $1.9 million from Digital Currency Group, Hard Yaka, and FundersClub.
- Series A (September 28, 2016): Secured $2.5 million led by Digital Currency Group.
- MassChallenge Grant (November 1, 2016): Received non-dilutive support through the startup accelerator.
- Series B (December 9, 2020): Raised $62 million led by Kaszek and QED Investors, with participation from Pantera Capital and Coinbase Ventures.
- Series C (May 5, 2021): Closed $250 million at a $2.2 billion valuation—marking unicorn status.
Each funding round expanded Bitso’s capabilities in security, compliance, product development, and regional expansion.
Frequently Asked Questions (FAQ)
Q: Is Bitso available outside Mexico?
A: Yes. While headquartered in Mexico and serving a primarily Mexican user base, Bitso also operates in Argentina and Brazil, adapting its platform to local regulations and payment methods.
Q: Is Bitso regulated?
A: Yes. In 2019, Bitso became the first exchange in Latin America to receive a DLT license from Mexican financial authorities, demonstrating strong regulatory compliance.
Q: Can I buy Bitcoin with cash on Bitso?
A: Yes. Through its partnership with Zmart Group, users can purchase Bitcoin at over 29,000 retail locations across Mexico using cash.
Q: Does Bitso support U.S. customers?
A: No. Bitso primarily serves users in Latin America and does not currently support U.S.-based accounts due to regulatory restrictions.
Q: Is Bitso planning an IPO?
A: As of now, there is no official announcement regarding an IPO or SPAC merger. However, given its unicorn status and strong investor backing, public listing could be a future possibility.
👉 Explore how next-generation crypto exchanges are preparing for global market entry.
The Future of Financial Access in Latin America
Bitso’s story is more than just a fintech success—it's a model for inclusive innovation. By bridging gaps in banking access, reducing remittance costs, and simplifying crypto adoption through intuitive design and local partnerships, Bitso has positioned itself at the forefront of Latin America’s digital finance revolution.
As cryptocurrency adoption continues to grow across emerging markets, companies like Bitso will play a crucial role in shaping how people save, send money, and invest—without relying on traditional banks.
Whether you're an investor tracking high-growth startups or a user seeking easier access to digital assets, Bitso exemplifies how blockchain technology can drive real-world change.
👉 Stay ahead of the curve—see how global crypto platforms are scaling financial access worldwide.