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In this episode, I interview Daniel Vogel, CEO & Co-Founder of Bitso, one of Latin America's leading cryptocurrency platforms serving over 12 million customers across Mexico, Argentina, Colombia, and Brazil. Bitso processes over 10% of the remittances flowing from the US to Mexico ($6 - $7 Billion), and is pioneering the use of stablecoins for cross-border transactions throughout Latin America.
In this episode, we discuss:
Why rate of learning is one of his core principles for company culture and personal growth
"The rate of learning is very important for the future of society, and the way in which you run your business, the way in which you educate yourself, your families."
Daniel Vogel credits his undergraduate Stanford education with preparing him for the importance of rapid learning. This principle has become fundamental to both his personal development and Bitso's company culture. Having gone through Stanford's demanding quarter system, where students compress a semester's worth of learning into just 10-12 weeks, Daniel learned to absorb and apply complex concepts quickly.
Fast learners thrive at Bitso. The best performers in the company are those who can learn quickly and apply new knowledge to their daily work, whether responding to cyberattacks, adapting to client demands, or reacting to the market. This is especially crucial, since Daniel believes humans have never lived in a time when things change so rapidly across all dimensions, making the ability to learn quickly not just a nice-to-have skill but an absolute necessity for success.
Additionally, when hiring and developing talent, Bitso looks for individuals willing to question established wisdom, even the company leadership's assumptions. He shared a story about an engineer who approached him, questioning why Bitso wasn't implementing a particular product feature. Despite Daniel’s initial skepticism, he listened as the engineer presented compelling data he had never seen before and the team implemented the suggestion, resulting in immediate and significant improvements.
Using transparency to drive company performance and employee engagement
"We used to not be as transparent... people had no idea what was going on. They had no idea whether the business was profitable, whether it was not profitable."
Earlier in the company’s lifetime, Bitso operated with limited internal transparency—not out of design but from a product-focused mindset that deemphasized internal financial communication. At some point, Daniel realized this approach created confusion, especially during crypto market cycles when employee bonuses fluctuated dramatically between boom and bust years without a very clear explanation. The confusion and reaction from employees prompted a cultural shift toward high levels of transparency.
Today, management shares company performance metrics openly across the organization through dashboards distributed via public Slack channels. These dashboards don't just report high-level metrics but can even drill down to specific team-level operational scores, with visibility into how each unit contributes to overall company goals. This approach extends beyond performance metrics to even difficult situations like providing color and reasoning for employee terminations or resignations. Although hard at first, Daniel argues this level of transparency has created a healthier company culture with less ambiguity.
A cornerstone of Bitso's transparent approach is their operational excellence score. A comprehensive index tracking incidents, recovery times, security vulnerabilities, uptime, and other critical operational parameters. Bitso uses these insights and metrics with the hopes of sparking constructive conversations. When a team's score drops, it prompts discussions about resource allocation, priorities, and support needed, rather than accusations or penalties. Daniel reminds us that transparency isn't about creating a culture of fear or finger-pointing, but it's about identifying patterns, learning quickly, and making better decisions with shared context.
How stablecoins are transforming global payments and why Bitso is betting big on this technology
"If global commerce didn't exist and it would start existing today, and someone were to say, how do I build a payments network... it would need to be on a stable coin. No one would invent correspondent banking."
Daniel believes stablecoins represent the inevitable future of cross-border payments. He points out that while most issued dollars already exist in digital form (over 94% exist only on digital banking ledgers), traditional banking systems fragment this digital money across incompatible networks. Stablecoins solve this by creating interoperable, global digital currency that works like email. Different providers speaking a common protocol to enable seamless transfers.
Bitso has seen firsthand how stables transform remittances between the US and Latin America. What began as Bitcoin and other cryptocurrency transfers has shifted almost entirely to stablecoin transactions, as stablecoins like USDT or USDC provide the benefits of blockchain (speed, low cost, 24/7 operation) without price volatility concerns. Users can send digital dollars globally in seconds for pennies, versus wire transfers that cost $20-40 and take days to settle.
Bitso is convinced that stablecoins will eventually dominate cross-border transactions and FX markets, so they are pursuing a robust strategy to lead this transformation in Latin America. The company has expanded its infrastructure to support various networks and currencies, launched its own MXN stablecoin (MXNB), and partnered to create a BRL stablecoin (BRLone) in Brazil. Additionally, Bitso has established a stablecoin accelerator program called The Push, attracting hundreds of applicants working on stablecoin applications. The company is also organizing a major stablecoin conference in August 2024 to bring together policymakers, builders, and users.
Building personal side projects that feed a curious mind and nurture innovation... and a lot more!
"Most people have dreams and they don't go after them, just because they don't have the drive to go after them... I think we are, most of the time, the limiting factor in achieving our dreams."
Daniel has a curious mind and consciously pursues at least one "unconventional" personal project a year to stretch his capabilities and feed his curiosity. Recently, he restored a family car that wouldn't start. This project became a family activity, where he shared this passion for understanding how things work with his young children. Another pursuit has been earning his pilot's license, with an ambitious goal of eventually crossing the Atlantic in five years. Rather than delegating the complex planning to professionals, Daniel approaches this challenge like he does business problems. Researching routes, understanding risks, and methodically preparing for a five-year goal.
Daniel's approach to personal projects matches his broader life philosophy. That people often limit themselves unnecessarily and fail to pursue dreams not for lack of talent, but lack of persistence. He mentions that truly driven individuals usually find ways to turn their aspirations into reality, regardless of obstacles. This mindset mirrors his approach to business leadership, where he values tenacity and learning capacity above traditional credentials or experience. Life offers limited time to explore and learn and its essential for Daniel to approach both personal and professional challenges with curiosity, determination, and a willingness to question the status quo.
Finally, at minute 9:00 of the recording, we talk about the convincing theory arguing that Jack Dorsey is Satoshi Nakamoto. Credit goes to Sean Murray (@Financeguy74) and Matthew Sigel (@matthew_sigel) for their research. Here’s the post that convinced me!
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