Unicorn: Latin American Cryptocurrency Platform Bitso Secures $250 Million Through Series C Funding Round Led By Tiger Global & Coatue

 

Bitso, a Mexico-based crypto platform, announced on Wednesday it has achieved unicorn status after raising $250 million through its Series C investment round, which was led by Tiger Global and Coatue with participation from Paradigm, BOND & Valor Capital Group, QED, Pantera Capital, and Kaszek. The investment round brings Bitso’s valuation at $2.2 billion.

Founded in 2014, Bitso claims to be the leading Latin American crypto first platform with a community of more than two million users. The platform offers three main products:

  • Bitso App: For new or experienced cryptocurrency users to buy, sell, send, or receive crypto through mobile devices
  • Bitso Alpha: A professional-grade crypto trading platform
  • Bitso Business: A suite of cross-border products that enable businesses to thrive in a global digital economy

Bitso further reported that it is one of the few crypto exchanges, and the only one in Latin America, to obtain a Distributed Ledger Technology (DLT) license from the Gibraltar Financial Services Commission (GFSC). Bitso is also claimed to be the first and only exchange in Latin America to ensure its users’ funds. Series C investment round comes less than six months after Bitso secured $62 million through its Series B round led by Kaszek Ventures and QED Investors.

Bitso Co-Founder and CEO, Daniel Vogel, spoke about the platform’s growth and development by stating:

“The growth of the crypto ecosystem this year has been remarkable. It took Bitso six years to get its first million clients. Now—less than ten months later—we have reached the 2 million mark. People in Latin America are using this technology in their everyday lives. We’re proud to grow with the industry and to continue to make these powerful financial enablers available to everyone. Last week we launched our retail operations in Brazil. This round will be used to expand our capabilities, our product offering and to continue making crypto useful across Latin America.”

Bitso went on to add that its upcoming product offering will be focused on better serving the needs of consumers and businesses across Latin America by making crypto useful. Other products that are making their debuts soon will include a crypto derivatives platform and interest-bearing accounts for crypto.

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