Bitso has acquired Quedex, a Europe-based trading platform for derivatives, the crypto services company announced on Thursday.

With the Quedex deal, one of the best-known crypto companies in the Latin American region has added significant technological weight and the ability to offer new types of products to its toolkit, says CEO Daniel Vogel. Bitso declined to share the terms but said PwC had advised Quedex on the sale.

Vogel highlighted Quedex’s trading engine as a significant benefit of the acquisition and told The Block, “Trade engine performance is becoming increasingly important to players in this space and we believe it will significantly improve our customer experience. “

He highlighted his expansion plans in Brazil, which the company had previously highlighted as a key target. Bitso’s core offering is crypto exchanges, but it also focuses on wire transfers, with plans to offer services like secured loans and interest-bearing accounts. Bitso’s customer base has grown to 1.4 million users, according to the company.

The Quedex deal also allows Bitso to move forward with new products, according to Vogel, who highlighted cryptocurrency-linked options and futures, as well as leveraged trading capabilities.

“Performance aside, the technology developed by Quedex will allow us to offer more advanced trading products within Bitso, such as leveraged trading in cryptocurrency futures and options. That’s something our customers have asked for: more sophisticated trading offers. This will be a game changer in the region as no other platform in Latin America offers similar products and services with regulatory oversight, ”he said.

The acquisition comes just over two months after Bitso raised $ 62 million in a Series B financing round. QED Ventures and Kaszek Ventures led this fundraiser with the participation of Coinbase Ventures and Pantera Capital.

According to Vogel, Bitso will retain the senior engineers and leadership team at Quedex. Wiktor Gromniak, CEO of Quedex, has been named Head of Trading Engine for Bitso Alpha (the company’s trading platform), while Co-Founder Mateusz Wywial has been named Head of Markets for Bitso. Quedex’s CTO, Maciej Chalapuk, previously Quedex’s chief technology officer, has been named head of architecture. Vogel said the Quedex co-founders and executive team also took on equity positions as part of the transaction.

“We are excited to become part of the Bitso team to bring our technology to Latin America,” said Gromniak in a statement. “Bitso and Quedex are united in our mission to make crypto useful.”

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