Bitso has closed a seed funding round led by the Barry Silbert-backed investment fund Bitcoin Opportunity Corp and including undisclosed angel investors.
However, in statements, Silbert suggested that he sees the company's greatest asset as its position to help facilitate remittances to and from Mexico:
According to data from Pew Research Center, remittances to Mexico are estimated at $22bn in 2013, though such figures have fallen since a peak in 2006 due to the US housing market crash and a decline in the US immigrant population.
Mexico receives 40% of all remittances from Latin America, according to Pew data.
Mexico City image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.