Bitso reportedly becomes Latin America’s first billion-dollar crypto exchange
Mexican cryptocurrency exchange Bitso has finished a $250 million Series C capital raise, pushing it to the next level in Latin America’s fintech industry.
Bitso received a total value of $2.2 billion in the latest funding round, making it the first Latin American cryptocurrency exchange to be worth over $1 billion. The funding round was led by Tiger Global and Coatue, along with additional contributions from Valor Capital Group, Bond, and Paradigm.
The co-founder and CEO of the exchange, Daniel Vogel said it took six years to get the first million customers to exchange and less than 10 months to reach 2 million.
“People in Latin America are using this technology in their everyday lives,” Vogel stated, “We are proud to grow with the industry and continue to make these powerful financial enablers available to everyone.”
Vogel disclosed that the fund will be used to boost the exchange’s capabilities as it continues to expand its regional operations:
“Last week we launched operations in Brazil. This round will be used to expand our capabilities, our product offering, and to continue to make cryptocurrencies useful throughout Latin America.”
Bitso was launched in 2014, offers cryptocurrency trading services settled in Mexican pesos. The platform processes deposits and withdrawals using the Ripple payment gateway and is available on both desktops as well as in mobile versions.
Argentina was in one of Bitso’s first expansion targets in 2019 after the company deployed investment funds obtained from a Ripple-led capital raise. It took just six months to become Argentina’s most popular Bitcoin trading platform.