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What is Bitso
Bitso is a cryptocurrency exchange and platform. It was founded in 2014 and is based in Mexico, although it also serves customers in Argentina and other Latin American countries.
In addition to its exchange services, Bitso also offers a number of financial products, including a crypto-backed loan service, a savings account that pays interest in cryptocurrencies, and a debit card that allows users to spend their cryptocurrency at any merchant that accepts Mastercard. Overall, Bitso aims to make cryptocurrency more accessible and easy to use for individuals and businesses in Latin America.
The history of Bitso
Bitso was founded in 2014 by a team of entrepreneurs, including Pablo Gonzalez, Ben Peters, and Daniel Vogel. The company’s mission was to create a platform that would allow people in Latin America to easily and safely buy and sell cryptocurrencies.
Initially, Bitso only offered Bitcoin trading, but it quickly expanded to include other cryptocurrencies such as Ethereum and Ripple. In 2015, Bitso became the first Bitcoin exchange in Mexico to partner with a local bank, allowing users to deposit and withdraw Mexican pesos from their Bitso accounts.
In 2016, Bitso raised $2.5 million in a funding round led by Tim Draper’s investment firm, Draper Associates. The company used the funds to expand its operations and add new features to its platform.
In 2018, Bitso became the first cryptocurrency exchange in Latin America to be regulated by the Mexican government. This regulatory approval gave Bitso a significant advantage over other exchanges operating in the region, as it allowed the company to offer more robust security measures and compliance with anti-money laundering regulations.
In 2020, Bitso raised $62 million in a funding round led by QED Investors and Kaszek Ventures, bringing its total funding to date to over $80 million. The company has continued to expand its services, launching a crypto-backed loan product, a savings account, and a debit card that allows users to spend their cryptocurrency at any merchant that accepts Mastercard.
Today, Bitso is one of the largest cryptocurrency exchanges in Latin America, serving over 2 million users across Mexico, Argentina, and other countries in the region.
How Bitso works
The platform operates using an algorithm that matches buy and sell orders from its users, allowing them to exchange cryptocurrencies at the current market price.
The basic process for buying and selling on Bitso is as follows:
- Create an account: Users must first create an account on the Bitso platform. T
- Deposit funds: Once the account is created and verified, users can deposit funds into their Bitso account.
- Place an order: Users can then place an order to buy or sell a cryptocurrency at the current market price or at a specific price of their choosing. The Bitso algorithm will match buy and sell orders from users, and execute trades automatically.
- Complete the transaction: Once a trade is executed, the cryptocurrency will be transferred to the buyer’s Bitso wallet, and the funds from the sale will be deposited into the seller’s Bitso account.
Bitso’s algorithm uses a variety of factors to determine the best match for buy and sell orders, including the size of the order, the current market price, and the availability of cryptocurrency in the Bitso order book. The algorithm is designed to provide fast and efficient trading for Bitso’s users, while also ensuring that prices remain competitive and fair.
In addition to its trading features, Bitso also offers a number of other services, such as a mobile app, a crypto-backed loan service, and a savings account that pays interest in cryptocurrencies. These services are designed to make it easier for users to manage their cryptocurrency investments and participate in the growing cryptocurrency economy.
Does Bitso charge a fee
Yes, Bitso charges fees for its trading and other services. The fee structure varies depending on the type of transaction and the volume of trading.
For trading, Bitso charges a fee on each transaction that varies from 0.05% to 1.0%, depending on the size of the trade and the cryptocurrency being traded. The fees are generally lower for larger trades and for trades involving Bitcoin, which is the most popular cryptocurrency on the platform.
In addition to trading fees, Bitso may also charge fees for its other services, such as its crypto-backed loan service or its savings account. These fees are generally lower than the trading fees, but may still vary depending on the specific terms of the service.
Overall, Bitso’s fee structure is designed to be competitive with other cryptocurrency exchanges, while also providing the company with a source of revenue to support its operations and ongoing development.
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