Latin American digital currency exchange, Bitso, has now reached the $Billion status in the market, sitting at a value of around $2 billion after its latest investment cycle.
The Crypto exchange managed to end with a Series C capital increase of $250 Million, now having a position in the higher levels of the Latin American industry. The latest investment cycle helped Bitso reach a staggering value of $2.2 Billion, awarding itself as the first-ever Latin American crypto exchange to have a value of more than a billion dollars in value. It now also stands as one of the best fintech companies to be present around the continent. Launched back in 2014, bitso became one of the most recognized exchanges in the sub-continent. It uses Ripple’s payment gateway, which is available on all platforms.
As for the rise in value, the struggle was possible because of the hard work and effort put into the exchange by partners such as Tiger Global, Coatue, and Valor the Capital group. More contributors were said to be Paradigm and Bond.
The previous Series B increase happened back in December of 2020, in which the company had raised more than $62 Million from different investment funds that included Kaszek Ventures and QED investors. The country of Argentina was also on the expansion hit list of Bitso. After working in the country, it took Bitso just six months to crown itself as the best Bitcoin exchange platform in Argentina. Cryptocurrency has shown its popularity and success in the Argentinian market because the people there have been suffering from a falling economy, huge pressures, and the downfall of its traditional currency, the Peso.
Words from the CEO
According to the Founder and CEO of Bitso, Daniel Vogel, it was revealed that it took almost six years for Bitso to gain a position like this in the market and also to gain this huge amount of support and love from the community. It took Bitso an impressive ten months to reach around $2 Million. The first of the millions of users was registered way back at the end of 2020.
Vogel stated that this new technology is being used by the people of Latin America without any privacy issues. Vogel is optimistic about the future of Bitso and stated that Bitso now provides services in Brazil in hopes of increasing their popularity in the market and enhance their capabilities even further, and also helping out.