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In 2021, his company Bitso carried out 2.5% of the total remittances sent to Mexico
Daniel Vogel founded one of the most profitable financial tech companies in Mexico and Latin America in the last decade: Bitso, the second Mexican financial unicorn.
Bitso is a cryptocurrency exchange with more than 4 million users. Currently, if you are looking for a platform to access crypto assets, this is the one in Mexico, Argentina and Brazil.
In 2014, Daniel Vogel co-founded this company with Pablo González and Ben Peters. And although it was born as a platform for buying and selling, it soon began to be used as a bridge for sending remittances.
The idea arose because Daniel [ahora de 35 años]had the opportunity to study at renowned business schools in Mexico and Ivy Leagues in the United States, like Stanford and Harvard.
Initially, Daniel Vogel tried to convince Mexican migrants to send remittances through bitcoin ATMs, but there was no trust or understanding of the process.
He soon discovered that Mexico did not have the financial infrastructure or the liquidity to control those crypto assets.
Daniel Vogel created a solution: Bitso
It was in 2016 that Daniel discovered that it was time to open that service to anyone who had an Internet connection and was looking for an alternative to traditional banking.
With Bitso, it seeks to facilitate the transfer, purchase and sale of 38 different crypto assets. His cover letter on his website is: Explore Bitso and discover new ways to use your money.
It is promoted as a teaching space about cryptocurrencies, their purposes, uses and utilities.
What’s new in 2022
In March 2022, it was announced that GICSA Shopping Centers in Mexico would accept payments with cryptocurrencies through Bitso, with no commission costs for the users.
He also revealed that he is preparing to launch a debit card with a rewards program to be a payment option and where a fraction of bitcoin can be received to the user’s Bitso account.
This last product does not have a market presentation date, but specialists predict its volatility, given that it faces three different exchange rates: peso-dollar, peso-bitcoin and bitcoin-dollar.
What is a financial unicorn?
Like mythological creatures, tech companies reaching a billion dollar value in their capital raising used to be thought to be a myth. But they exist.
In 2021 Bitso exceeded 2.2 billion dollars in valuation. In addition, it alone made 2.5% of the total remittances sent to Mexico.