Latin American Crypto Exchange, Bitso, Acquires Derivatives Trading Platform Quedex
Bitso, a crypto exchange serving the Latin America region, has finalized the acquisition of Quedex, a Gilbrator licensed crypto derivatives trading exchange.
The completion of the deal will help Latin America’s most popular crypto company, to scale up its product portfolio and add important technological know-how to its toolkit, explained Daniel Vogel, the exchange’s CEO.
The details of the deal remain scanty but Vogel revealed that Quedex was advised by PwC on the sale process.
Last December, Bitso which is supported by crypto giants like Coinbase Venture and Pantera Capital, rose to prominence after raising over $62 million in efforts to enhance its capacity by expanding to new regions and introducing new products.
According to Vogel, Quedex became the first crypto derivatives exchange to be granted a license under Gilbrator’s asset regulatory policy which is the same framework that regulates Bitso.
Vogel also stated that the deal will allow Bitso to have nice top-notch tech. Vogel added in an interview,
“As the industry grows and trading volumes increase, one of the big challenges is building really high-performance, low-latency trading engines, and the Quedex team has done that. So, the idea is to replace our entire trading infrastructure with Quedex’s trading infrastructure.”
The CEO revealed that the firm plans to enter the Brazilian market in the near future. He also revealed that plans are underway to introduce new products such as crypto futures, options, and leveraged trading in Mexico.
Vogel explained that all the Quedex’s staff will be incorporated, more so the engineers, to oversee the integration of a fresh trading engine platform. Currently, Bitso has over 200 employees stationed in more than 25 countries.
Quedex’s CEO, Wiktor Gromniak, said he was pleased to be joining Bitso, and expects to bring the company’s top-notch tech to serve the Latin America region. He said that Bitso’s mission was in tandem with Quedex’s in making crypto useful.