Cryptocurrency Trading Platform Bitso raises $250 Million Funding at a Valuation of $2.2 Billion
Bitso, a cryptocurrency trading platform based in Mexico, has raised $250 million, according to Cometa, a venture capital firm that is a Bitso investor.
The current round of funding was the third for the company and it brought investors such as Paradigm, Pantera Capital, Valor Capital Group, BOND, QED, and more who have shown faith in the company. They also made a significant investment in the business, with a total investment of $250 million.
This is a very large sum of money compared to the second round of funding exercise which could raise $62 million. This round of funding exercise was led by Coatue and Tiger Global. The company’s market evaluation after the funding exercise rose to $2.2 billion. This makes it the largest cryptocurrency-based financial technology company in the region.
According to a Cometa official, the funds raised reflect 9% of Bitso's value, giving the company an absolute valuation of $2.2 billion.
"Bitso becomes the first fintech in Mexico to reach a valuation of more than $1.0 billion in the market," said Cometa, also known as Variv Capital. The funds were raised in a so-called series C investment round.
Bitso, which has offices in Mexico, Argentina, and Brazil, is working on new applications for cryptocurrencies, such as sending remittances, according to the investment fund.
Bitso, Mexico's first Bitcoin exchange, opened on January 23, 2014, also operates a Ripple gateway, enabling international flows of pesos, US dollars, and Bitcoin with the goal of facilitating US-to-Mexico remittances. The platform also has offices in Mexico, Argentina, and Brazil.
The exchange had 750,000 users in Mexico in 2019. Ripple made an investment in the company in October in order to expand its activities in Latin America. Bitso had been Latin America's first Distributed Ledger Technology (DLT) licensed exchange.
In 2020, the company announced that it had surpassed one million customers, of which 92% were Mexicans after its trade volume surged more than 300% over a period of eight months.
The company lets its customers trade in nine different cryptocurrencies like Ripple, Decentraland’s in addition to the major players like Bitcoin, Ethereum, etc. Customers can easily purchase cryptocurrency quickly and conveniently using a mobile app that allows them to buy, sell, keep, and receive cryptocurrency.
The current round of funding was the third for the company and it brought investors such as Paradigm, Pantera Capital, Valor Capital Group, BOND, QED, and more who have shown faith in the company. They also made a significant investment in the business, with a total investment of $250 million.
This is a very large sum of money compared to the second round of funding exercise which could raise $62 million. This round of funding exercise was led by Coatue and Tiger Global. The company’s market evaluation after the funding exercise rose to $2.2 billion. This makes it the largest cryptocurrency-based financial technology company in the region.
According to a Cometa official, the funds raised reflect 9% of Bitso's value, giving the company an absolute valuation of $2.2 billion.
"Bitso becomes the first fintech in Mexico to reach a valuation of more than $1.0 billion in the market," said Cometa, also known as Variv Capital. The funds were raised in a so-called series C investment round.
Bitso, which has offices in Mexico, Argentina, and Brazil, is working on new applications for cryptocurrencies, such as sending remittances, according to the investment fund.
Bitso, Mexico's first Bitcoin exchange, opened on January 23, 2014, also operates a Ripple gateway, enabling international flows of pesos, US dollars, and Bitcoin with the goal of facilitating US-to-Mexico remittances. The platform also has offices in Mexico, Argentina, and Brazil.
The exchange had 750,000 users in Mexico in 2019. Ripple made an investment in the company in October in order to expand its activities in Latin America. Bitso had been Latin America's first Distributed Ledger Technology (DLT) licensed exchange.
In 2020, the company announced that it had surpassed one million customers, of which 92% were Mexicans after its trade volume surged more than 300% over a period of eight months.
The company lets its customers trade in nine different cryptocurrencies like Ripple, Decentraland’s in addition to the major players like Bitcoin, Ethereum, etc. Customers can easily purchase cryptocurrency quickly and conveniently using a mobile app that allows them to buy, sell, keep, and receive cryptocurrency.
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