Bitso, the largest cryptocurrency exchange in Latin America, raised $ 250 million in a series C funding round. Investors valued the company at $ 2.2 billion.
The round was led by Tiger Global and Coatue Management. The trading platform was also supported by Paradigm, BOND, Valor Capital Group, QED Ventures, Pantera Capital and Kaszek Ventures.
According to the exchange’s own data, it owns over 95% of the cryptocurrency market in Mexico and over 60% in Argentina. The company offers customers several products:
- Bitso application that allows you to trade bitcoin and other cryptocurrencies;
- Bitso Alpha platform for professional traders;
- Bitso Business, which uses Ripple’s On-Demand Liquidity (ODL) solution to make cross-border payments.
According to the press release, the company will direct fresh funding to expand into South America and develop new products. In particular, Bitso will launch a crypto-derivatives platform based on the previously acquired Quedex.
The exchange serves the accounts of 2 million clients. Over the past 10 months, the number of its users has doubled.
Bitso CEO Daniel Vogel told Forbes that in 2020, the exchange processed about 2.5-3% of the total volume of remittances between the United States and Mexico (about $ 1.2 billion). He added that the lion’s share of these streams is provided by the ODL service.
As a reminder, in December 2020, Bitso raised $ 62 million from Kaszek, QED and other investors.
In October 2019, Ripple and Coinbase invested in the expansion of the Bitcoin exchange.
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