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DeFi Fintech Bitso receives BC approval to operate in Brazil

March 24, 2023
Por
Fintechsbrasil
Fintechsbrasil
Notícias e negócios
📷
Blocknews
Nvio Brasil, the Brazilian subsidiary of Mexican cryptocurrency broker Bitso, received authorization from the Central Bank (BC) to operate as a payment institution (PI) in the local market.
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The approval is for the modalities of electronic money issuer (can manage prepaid payment accounts) - and also issuer of postpaid payment instrument (e.g. credit card).

According to the order published this Thursday (23) in the Official Gazette, the Bitso IP broad with relevant share capital of R$ 65.9 million. Headquartered in Osasco, the company's payment institution has as controllers the cofounders of the exchange Daniel Vogel (global CEO), Pablo Gonzalez and Benjamin Peters.

In a note sent to Finsiders, Thales Freitas, CEO of Bitso Brasil, assesses that having this market seal is an important achievement in the company's growth journey and "reaffirms recognition" as a crypto-based financial services company.

"We have been working together with governments and regulators to collaboratively build the best path to bring more financial inclusion to Brazilians and today we celebrate another important step that enables us to offer more and more services for the benefit of people and businesses in the country," he says.

Founded in 2014 in Mexico City and currently with more than 6 million customers in Latin America, Bitso debuted in the Brazilian market in 2020 with a focus on institutional investors. The following year, it started serving retail clients. Also in 2021, the company raised its Series C round of $250 million and is valued at $2.2 billion.

The company's captable is made up of investors such as Tiger Global Management, Valor Capital Group, Kaszek, Coatue, QED Investors, and Pantera Capital, among others. According to Crunchbase, Bitso has raised $314.5 million in its track record.

More crypto firms in line


Bitso's request to have the IP license in Brazil was reported in November last year by partner portal Blocknews. At the time, the CEO and co-founder of the Mexican exchange, Daniel Vogel, said that the plan here is to increase the supply of services that are connected to the financial reality of users. This would mean moving towards something closer to a digital bank.

Besides Bitso, exchanges Ripio - of Argentine origin - and Mercado Bitcoin are among the companies that have requested authorization from the Brazilian regulator to become payment institutions. Other companies operating in the segment, such as Crypto.com and Cloudwalk, already have the IP license.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

The approval is for the modalities of electronic money issuer (can manage prepaid payment accounts) - and also issuer of postpaid payment instrument (e.g. credit card).

According to the order published this Thursday (23) in the Official Gazette, the Bitso IP broad with relevant share capital of R$ 65.9 million. Headquartered in Osasco, the company's payment institution has as controllers the cofounders of the exchange Daniel Vogel (global CEO), Pablo Gonzalez and Benjamin Peters.

In a note sent to Finsiders, Thales Freitas, CEO of Bitso Brasil, assesses that having this market seal is an important achievement in the company's growth journey and "reaffirms recognition" as a crypto-based financial services company.

"We have been working together with governments and regulators to collaboratively build the best path to bring more financial inclusion to Brazilians and today we celebrate another important step that enables us to offer more and more services for the benefit of people and businesses in the country," he says.

Founded in 2014 in Mexico City and currently with more than 6 million customers in Latin America, Bitso debuted in the Brazilian market in 2020 with a focus on institutional investors. The following year, it started serving retail clients. Also in 2021, the company raised its Series C round of $250 million and is valued at $2.2 billion.

The company's captable is made up of investors such as Tiger Global Management, Valor Capital Group, Kaszek, Coatue, QED Investors, and Pantera Capital, among others. According to Crunchbase, Bitso has raised $314.5 million in its track record.

More crypto firms in line


Bitso's request to have the IP license in Brazil was reported in November last year by partner portal Blocknews. At the time, the CEO and co-founder of the Mexican exchange, Daniel Vogel, said that the plan here is to increase the supply of services that are connected to the financial reality of users. This would mean moving towards something closer to a digital bank.

Besides Bitso, exchanges Ripio - of Argentine origin - and Mercado Bitcoin are among the companies that have requested authorization from the Brazilian regulator to become payment institutions. Other companies operating in the segment, such as Crypto.com and Cloudwalk, already have the IP license.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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