Bitso’s latest funding exercise that garnered a massive $250 million has made it the largest cryptocurrency firm in Latin America with a market valuation of $2.2 billion.
The privately held cryptocurrency exchange was established in 2014 and was the first crypto exchange in Mexico. In the beginning, the company handled about fifty percent of the crypto trade in Mexico competing with local traders. Currently, it claims to have captured ninety-five percent of that market establishing a monopoly-like situation.
The company also has a presence in Argentina and Brazil where it has a sizeable market. In addition to Latin America, The company also has a market share in the United States where it facilitates the US-Mexico remittances
The current round of funding was the third for the company and found investors like Paradigm, Pantera Capital, Valor Capital Group, BOND, QED, and more who have exhibited trust in the company. They have heavily invested in the company to the tune of $250 million of total investment.
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.
The company lets its customers deal in nine cryptocurrencies including Ripple, Decentraland’s Mana besides the major players like Bitcoin, Ethereum, etc. Customers can easily buy cryptocurrency through a mobile application that lets users buy, sell, hold, and receive cryptocurrency.
Future plans of the company
The company’s CEO Daniel Vogel shed some light on the future plans of the company. He stated that the primary aim of the company will be to provide cryptocurrency access for local currency. This would allow local Latin American residents to benefit from blockchain in global markets.