Mexican startup Bitso becomes a unicorn
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The Mexican platform for buying and selling cryptocurrencies Bitso announced a series C round of capital of 250 million dollars, which places the brand's valuation at 2.2 billion dollars. Thus, Bitso becomes one of the largest Fintech companies and the first cryptocurrency company in Latin America with a value of one billion dollars .
The investment round was led by Tiger Global and Coatue, accompanied by Paradigm, BOND & Valor Capital Group.
"Crypto adoption in Latin America is accelerating," said Scott Shleifer, partner at Tiger Global in a statement. “We are excited to join Bitso; We believe they have the right platform and equipment to gain share in this growing market. "
Bitso is 7 years old and offers products in Mexico, Argentina and now Brazil. In addition to this, the demand for cryptocurrencies and financial products enabled with this technology has exploded in popularity, both for users and for companies in the region.
"The growth of the cryptocurrency ecosystem this year has been remarkable. It took Bitso six years to get its first million customers. Now - less than ten months later - we have reached the figure of 2 million. People in Latin America are using this technology in their everyday lives. We are proud to grow with the industry and continue to make these powerful financial enablers available to everyone, "said Bitso Co-Founder and CEO Daniel Vogel. "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."
With the announcement of its launch in Brazil, Bitso will strengthen its position as one of the most important cryptocurrency companies in the three largest markets in the region, with a primary focus on expanding its operations in other Latin American countries in the coming months. . In January 2021, the Financial Superintendency of Colombia announced Bitso as one of the authorized companies in its Sandbox and crypto pilot program.