One of the easiest ways for companies to expand their operations and provide better services is through fundraising. Bitso, one of the leading crypto exchanges in Latin America, has raised $250 million and now has a total valuation above $2 billion.
Bitso raises $250m in Series C funding
Cryptocurrency exchanges provide an easy way for people to buy and sell a wide range of cryptocurrencies. They have been experiencing huge trading volumes in recent months, thanks to the current market rally.
Bitso, one of the largest cryptocurrency exchanges in Latin America, has raised $250 million, bringing its total valuation to $2.2 billion. The cryptocurrency exchange raised the money via a Series C round of funding, led by Tiger Global Paradigm, BOND & Valor Capital Group, and Coatue. They were joined by existing investors QED, Pantera Capital and Kaszek.
The cryptocurrency exchange said it is now one of the largest financial entities in the region. The investment will be used to expand the company’s operations, allowing them to continue providing access to cryptocurrencies for local residents and expand operations. The company’s co-founder and CEO Daniel Vogel stated that “We want to make sure that folks in the region really benefit from accessing these global financial services that are getting built on top of blockchain.”
Bitso is a Mexican-based cryptocurrency exchange that focuses on providing crypto access to traders and investors in Latin America. Currently, Bitso has over 2 million users in Mexico, Brazil, and Argentina. The cryptocurrency exchange stated that the demand for cryptocurrency assets and crypto-enabled financial products amongst individuals and businesses has soared in the region over the past few months. Bitso said it is the only company offering crypto-insurance services in the region and intends to maintain its lead. “The growth of the crypto ecosystem this year has been remarkable. It took Bitso six years to get its first million clients. Now — less than 10 months later — we have reached the 2 million mark,” the CEO added.
Bitso to expand its operations into other Latin American countries
The cryptocurrency exchange said it would be using the funds to improve its services and expand into other Latin American countries in the coming months and years. Vogel told TechCrunch that “This is a pivotal moment for the future of finance in Latin America. We see a significant amount of traditional financial infrastructure in the region being replaced by crypto. We plan to use this funding to continue that trend by expanding our product offering for individuals and businesses.”