Bitso, Latin America’s largest cryptocurrency exchange, raises $250 million at a $2.2 billion valuation

Bitso, Latin America’s largest cryptocurrency exchange, привлекла $250 млн в рамках раунда финансирования Серии C. Investors valued the company at $2.2 billion.

The round was led by Tiger Global and Coatue Management. The trading platform was also backed by Paradigm, BOND, Valor Capital Group, QED Ventures, Pantera Capital and Kaszek Ventures.

According to the exchange’s own data, it holds more than 95% of the cryptocurrency market in Mexico and more than 60% in Argentina. The company offers customers several products:

• the Bitso app, enabling users to trade Bitcoin and other cryptocurrencies;
• the Bitso Alpha platform, designed for professional traders;
• The Bitso Business service, which uses Ripple’s On-Demand Liquidity (ODL) solution to settle cross-border payments.

According to the press release, the company will use the fresh funding to expand in South America and develop new products. In particular Bitso will launch a crypto-derivatives platform based on the Quedex acquired earlier.

The exchange serves about 2 million accounts. Over the last 10 months, its user base has doubled.

Bitso CEO Daniel Fogel told Forbes, that in 2020 the exchange processed about 2.5–3% of the total remittance volume between the United States and Mexico (about $1.2 billion). He added that the lion’s share of these flows was provided by the ODL service.

In December 2020, Bitso привлекла $62 млн from Kaszek, QED and other investors.

In October 2019, Ripple and Coinbase invested in expanding Bitso’s operations.

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