Mexican based bitcoin exchange Bitso along with two other startups Quotanda and Destacame won the first Innotribe Startup Challenge for Latin America taking in $10,000 in winning prize money. They also won a chance to share their insights about innovation in Latin America with fintech experts at Sibos.
Bitso is a bitcoin exchange where users can buy and sell bitcoins using their online platform in Mexican Pesos (MXN). In 2015, the startup expanded by acquiring then bitcoin exchange Unisend. The company is up and coming, and is transacting in the range of ~100 btc per day, which currently values at $66,781 in USD; over $2 million per month.
Launched in 2011, the Innotribe Startup Challenge’s goal is to bring visibility to activities at the edges of our ecosystem, highlighting the importance of these new emerging startups and their revolutionary way to think and work. Over the years, the Startup Challenge has become one of the leading global startup competitions, connecting the financial services industry with more than 650 fintech startups around the world and reaching over 4,000 audience members through global showcases and networking events.
As part of this year’s Innotribe Challenge, there were nine startups to compete against each other. Over 70 judges from across the financial, technology, and investment communities evaluated close to 50 applications submitted for the first edition of the Startup Challenge in Latin America. They assessed the startups on their ability to provide an important innovation for the financial industry in the near future.
Bitso not only focuses on being an exchange gateway for Mexicans, but also is now focusing on the remittance market as well. In April Bitso raised $1.8 million in investor funds to try to tackle this market, which in Mexico alone is a $2 billion a year industry. Just a week ago Bitso announced that it has partnered with Bitwage to bring payroll services to Mexicans who do business abroad.
Daniel Vogel, Co-Founder & President of Bitso, had this to say about the Innotribe Challenge,
“Incredibly honest and helpful feedback. An amazing opportunity to present to so many relevant and smart people, we are very honoured and excited about the opportunity.”
Winners of this year’s challenge received a $10,000 USD cash prize and invitations to attend Sibos, SWIFT’s annual global financial services conference, taking place in September 2016 in Geneva. The startups will have the opportunity to share the stage with fintech experts, providing great insights on innovation happening in Latin America to the financial industry at large.