Mexico-based crypto exchange Bitso has been valued at $ 2.2 billion following its latest round of financing, which has earned it $ 250 million.
Bitso, one of Latin America’s leading crypto exchanges, has completed its latest round of financing with US $ 250 million. The exchange is now valued at US $ 2.2 billion and intends to use the funds to expand its services to other countries.
According to the crypto exchange, the $ 250 million was raised through a Series C financing round led by Tiger Global Paradigm, BOND & Valor Capital Group and Coatue. New investors such as QED, Pantera Capital and Kaszek also participated.
According to this assessment, Bitso is now one of the largest crypto companies in Latin America. It has over two million users and currently offers its services to traders and investors in Mexico, Brazil and Argentina. However, it plans to expand its business to other Latin American countries in the coming months.
Daniel Vogel, co-founder and CEO of Bitso, said: „We want people in the region to really benefit from access to these global blockchain-based financial services.”The exchange added that demand for cryptocurrencies and crypto-related products by individuals and companies in Latin America has increased enormously in recent months. At the moment, Bitso is the only company in the region offering crypto insurance.
„This year’s growth of the crypto-Ecosystem, was remarkable. It took Bitso six years to have 1 million customers. Now-less than 10 months later-we already have 2 million“Bird added. He believes that this is a crucial moment for the future of the financial industry in Latin America, as cryptocurrencies replace the traditional financial infrastructure. That is why Bitso wants to expand into other countries in the region.