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Bitso Acquires Quedex to Aid Latin American Expansion

Bitso, a Latin American crypto platform, has announced that it has acquired Quedex, a regulated, Europe-based Crypto Derivatives Trading platform. This acquisition will integrate Quedex’s team and technology—notably its industry-leading trading engine—as Bitso continues to expand throughout Latin America and globally.

“We’re thrilled to announce the addition of the Quedex team and technology to Bitso,” said Daniel Vogel, CEO and Co-Founder of Bitso. “We plan to continue expanding our product offering for all our users who use crypto in their daily lives. This acquisition is a testament to our commitment to continue to grow and to our mission of making crypto useful for everyone.”

Performance and reliability have been ongoing challenges for trading platforms, particularly during periods of higher volume. Bitso has experienced an increase in trading volume since bitcoin set its new all-time-high in December 2020 and with this acquisition, Bitso will further expand its capacity for users looking to buy, sell, and trade cryptocurrencies.

Founded in 2016 and headquartered in Gibraltar, Quedex is known for its high-performance, low-latency and high-throughput trading engine built using cutting edge technology, which supports leveraged trading in cryptocurrency futures and options. Additional sophisticated trading features include portfolio margining and a cutting-edge Liquidator Risk Transfer risk management system compliant with the highest regulatory standards. Additionally, Quedex was the first cryptocurrency derivatives company to be regulated in Gibraltar under the GFSC DLT license: the same framework that regulates Bitso. Quedex’s board of directors has stepped down and a new board was appointed.

Quedex’s state-of-the-art technology was built by an in-house expert team of software engineers and quants combining a wealth of experience from traditional financial markets and mission-critical systems development. The whole team has joined Bitso and is supporting the development of its trading technologies.

“We’re excited to join the Bitso team to bring our tech to Latin America,” said Wiktor Gromniak, former CEO of Quedex and incoming Head of Trading Engine at Bitso Alpha. “Bitso and Quedex are united in our missions to make crypto useful. Bitso has done an excellent job of doing that, both for the mass market and for professional traders. This is a mutually beneficial development for both of our companies’ users.” Wojtek Kostrzewa, Quedex’s previous Chairman emphasised that “all co-founders at Quedex have decided to take equity positions in Bitso and intend to support its further development.”

2020 marked a year of significant progress for Bitso, as it expanded into several major Latin American markets and crossed the one million user landmark. In February 2020, Bitso launched its services in Argentina, capturing nearly 80 percent market share by the end of the year. In December, the company announced a $62 million Series B round led by distinguished investment firms Kaszek Ventures and QED Investors— both firms’ first investment in the crypto space. Bitso plans to use these funds to grow its presence in Brazil, the newest market for the company.

Author

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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