Bitso, the largest cryptocurrency platform in Latin America, has raised $250 million in Series C investment at a $2.2 billion valuation.
Hedge fund giant Coatue and investment firm Tiger Global were at the forefront of this round. Other investors in the round include Paradigm, BOND, Valor Capital Group, QED, Pantera Capital and Kaszek.
In December 2020, Bitso raised a $62 million Series B at an undisclosed valuation. The latest funding puts the company on the map of the largest fintech in the region and the first crypto unicorn.
"We want to make sure that folks in the region really benefit from accessing these global financial services that are getting built on top of blockchain." Bitso's co-founder and CEO Daniel Vogel.
Founded in 2014, Bitso offers multiple cryptocurrency products and services to more than 2 million customers across Mexico, Argentina and Brazil. The company claims it has more than a 95% crypto market share in Mexico and more than a 60% share in Argentina.
According to Daniel Vogel, the investment will be used to continue providing access to cryptocurrencies for local residents and expand operations.
The company also have an app- the Bitso App, that lets users buy, sell, send, or receive bitcoin and eight other cryptocurrencies.