Today, Bitso, the largest cryptocurrency platform in Latin America, announced it raised $250 million in Series C investment. The round, co-led by hedge fund giant Coatue and investment firm Tiger Global, puts the company’s valuation at $2.2 billion, making it one of the largest fintechs in the region and its first crypto unicorn. Other investors in the round include Paradigm, BOND, Valor Capital Group, QED, Pantera Capital and Kaszek.
Founded in 2014, the Mexico City-based company offers multiple cryptocurrency products and services to more than 2 million customers across Mexico, Argentia and Brazil. These include the Bitso App that lets users buy, sell, send, or receive bitcoin and 8 other cryptocurrencies; Bitso Alpha, a professional-grade crypto trading platform; and Bitso Business, a suite of cross-border products for local enterprises.
The company claims it has more than a 95% crypto market share in Mexico and more than a 60% share in Argentina. In January 2021, Colombian regulators reportedlyBitso as one of the nine companies allowed to test crypto use cases under the government’s pilot program. Bitso is also preparing to introduce a crypto derivatives trading platform and interest-bearing crypto accounts.
In the U.S., Bitso is perhaps better known for its crypto remittances services conducted in partnership with San Francisco-based Ripple, which alsoin the company. Last year, Bitso processed about $1.2 billion in remittances, amounting to 2.5-3% of the yearly remittances volume between the U.S. and Mexico, according to Vogel.
Y'all know this a chinese made ponzi scheme meant to devalue US currency, right?
No comma 🤦♀️
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