Bitso raises $2.5m to take bitcoin exchange across LatAm

Mexican bitcoin exchange Bitso has raised $2.5m in funding to expand around Latin America.

The investment comes in part from Mexican forging exchange Monex Group, as well as local VCs Variv Capital and Xochi Ventures.

US investors Digital Currency Group (DCG), FundersClub, Bitcoin Capital and Blockchain Tech Limited also joined the round.

The round brings the total raised by the startup to $4.35m with it previously raising a $1.85m seed round from DCG and FundersClub in May.

Bitso claims 20,000 users and processes $2.5m in transactions each week, charging a flat fee for transactions based on a monthly volume.

It says currently its customers primarily use the platform to make payments,  but Bitso aims to encourage more users around Latin America to make speculative investments on the cryptocurrency’s valuation.

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