Bitso, a Latin American-based crypto exchange company, today announced that it has acquired Quedex, a regulated, Europe-based crypto derivatives trading platform. This acquisition will integrate Quedex’s team and trading technology, 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.”
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 trading features include portfolio margining and a Liquidator Risk Transfer risk management system compliant with regulatory standards.
Notably, 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 technology was built by an in-house expert team of software engineers and quants. The whole team has joined Bitso and will continue 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 emphasized 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.