Bitso acquires crypto derivatives trading platform Quedex
By Sunniva Kolostyak
Bitso, the Latin American crypto platform, has acquired Quedex, a regulated, Europe-based crypto derivatives trading platform, as part of its global expansion plans.
Through the acquisition, Bitso is aiming to integrate Quedex’s people and technology capabilities, and leverage its trading engine for cryptocurrency futures and options – expanding the capacity for users looking to buy, sell and trade cryptocurrencies.
The platform, which offers both an app for new and experienced traders and a professional-grade trading tool, saw an increase in volumes after Bitcoin hit highs in December last year. As a result, platforms have struggled with performance and reliability.
“We’re thrilled to announce the addition of the Quedex team and technology to Bitso,” Daniel Vogel, CEO and Co-Founder of Bitso, said.
“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.”
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 the highest regulatory standards. Additionally, 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, however, all co-founders have decided to take equity positions in Bitso and intend to support its further development.
Wiktor Gromniak, former CEO of Quedex and incoming Head of Trading Engine at Bitso Alpha, said the company is excited to join Bitso and bring its tech to Latin America.
“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.”
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