Investment has a key role in the expansion of small projects and enables large projects to penetrate and spread more and stay ahead.

Cryptocurrency exchange Bitso recently received an undisclosed amount from prominent investors to expand into Latin America.

The investment round was led by Ripple, with the participation of Coinbase and Jump Capital.

Other investors, Digital Currency Group and Pantera Capital, also participated in the round, according to an announcement on Monday.

The “Bitso” platform for trading cryptocurrencies based in Mexico began its work in 2014, and according to the statistics provided by the platform, it provides its services to more than 750,000 users in Mexico, and currently it wants to expand to other geographical areas such as Argentina and Brazil.

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Daniel Vogel, Co-Founder and CEO of Bitso, said:

The region is ready for change, and we want to be present and among those who do it by radically promoting financial inclusion for all.

For your information, 70% of the Latin American population does not have a bank account (about 400 million people), according to Source.

In addition, governments in the region suffer from numerous and recurring economic challenges.

Argentina, for example, faces crises related to the value of its currency, among other issues.

Last month, the country’s central bank imposed restrictions on US dollar purchases in an attempt to revive the falling peso.

On the other hand, Brazil recently entered a recession due to high unemployment, weak investment as well as the global economic slowdown.

Thus, given these economic problems, both countries have witnessed an increase in their activity in the crypto markets in recent months.

In Argentina, weekly Bitcoin trading volumes jumped to nearly $196,000 via the LocalBitcoins platform.

While in Brazil, the figure is about $307,000, according to Source.

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The Bitso expansion move comes at a time when other major platforms such as Huobi and Binance have announced their plans to expand to Argentina as well.

Commenting on the participation in the Bitso investment round, Mr. Peter Johnson, Director of Jump Capital, said:

“We believe fiat gateways to regulatory compliant cryptocurrencies around the world are a key element in the transformation of digital assets into a new railway for money transfer.”

It is also worth noting that the “Bitso” platform recently launched its operations in Gibraltar after obtaining a license from the island’s regulator, the Gibraltar Financial Services Commission (GFSC).

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