Latam Based Exchange Bitso Gets Unicorn Status After $250 Million Funding Round – Exchanges Bitcoin News
Bitso, one of many largest cryptocurrency exchanges in Latam, has reached unicorn standing after a funding spherical that managed to lift $250 million with the participation of some large names within the cryptocurrency world. The corporate introduced it could use these assets to broaden its operations and continue to grow in its core markets, together with remittances.
Bitso Reaches Unicorn Valuation After Sequence C Funding Spherical
Mexico-based alternate Bitso has become the primary LATAM cryptocurrency unicorn, after getting a valuation of $2.2 billion on its Sequence C funding spherical. The spherical obtained participation from vital names within the investing sphere, being led by New York-based privately-owned hedge fund Coatue Administration LLC and Tiger World, one other prime funding agency. The spherical managed to lift $250 million and included different buyers like Pantera Capital and Paradigm.
The corporate declared that it could use these assets to strengthen its core enterprise in Latam and broaden to different markets. Bitso is in a really snug place in Latam, the place it is extremely in style in sure nations. Whereas making inroads to Argentina over the last cryptocurrency increase in that nation, Bitso is particularly robust in its house nation, Mexico, the place it’s seeking to take a big a part of the enterprise of remittances within the space.
How Bitso Received Right here
Bitso, based in 2014, has gone by means of a protracted and winding street to get right here. The corporate carried its early founding spherical circa 2016, getting an early funding of $2.5 million by Digital Foreign money Group, the corporate that owns Coindesk and Grayscale Investments. Its subsequent inflow got here in its Sequence A funding spherical, which raised $15 million throughout October 2019, adopted by one other influx of $62 million in December 2020, which was led by Kaszek Ventures and QED Traders.
Bitso additionally stamped a partnership with Ripple, the cryptocurrency firm, that allowed them to leverage Ripple’s liquidity for doing fast remittances. This made Bitso is the largest alternate associate of MoneyGram for Mexican pesos-based remittances. The benefit of Bitso is that the proportion of banking customers within the area may be very low, so this has allowed them to develop fairly quick, making the most of how cryptocurrency works and its low cost prices for remittances.
However Bitso just isn’t solely about remittances in Mexico. The alternate is focusing to broaden its attain to different Latam nations, and it has been elected as one of many accredited crypto corporations to conduct exams in Colombia whereas additionally not too long ago launching operations in Brazil.
What do you consider Bitso reaching unicorn standing? Tell us within the feedback part under.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It isn’t a direct supply or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, immediately or not directly, for any injury or loss brought about or alleged to be attributable to or in reference to using or reliance on any content material, items or companies talked about on this article.