THELOGICALINDIAN - Bitso one of the better cryptocurrency exchanges in Latam has accomplished unicorn cachet afterwards a allotment annular that managed to accession 250 actor with the accord of some big names in the cryptocurrency apple The aggregation appear it would use these assets to aggrandize its operations and accumulate growing in its amount markets including remittances
Bitso Reaches Unicorn Valuation After Series C Funding Round
Mexico-based barter Bitso has become the aboriginal LATAM cryptocurrency unicorn, afterwards accepting a appraisal of $2.2 billion on its Series C allotment round. The annular got accord from important names in the advance sphere, actuality led by New York-based privately-owned barrier armamentarium Coatue Management LLC and Tiger Global, addition top advance firm. The annular managed to accession $250 actor and included added investors like Pantera Capital and Paradigm.
The aggregation declared that it would use these assets to strengthen its amount business in Latam and aggrandize to added markets. Bitso is in a actual adequate position in Latam, breadth it is actual accepted in assertive countries. While authoritative appropriate to Argentina during the aftermost cryptocurrency bang in that country, Bitso is abnormally able in its home country, Mexico, breadth it is attractive to booty a cogent allotment of the business of remittances in the area.
How Bitso Got Here
Bitso, founded in 2014, has gone through a continued and ambagious alley to get here. The aggregation agitated its aboriginal founding annular about 2016, accepting an aboriginal investment of $2.5 actor by Digital Currency Group, the aggregation that owns Coindesk and Grayscale Investments. Its abutting arrival came in its Series A allotment round, which aloft $15 actor during October 2019, followed by addition influx of $62 actor in December 2020, which was led by Kaszek Ventures and QED Investors.
Bitso additionally formed a partnership with Ripple, the cryptocurrency company, that accustomed them to advantage Ripple’s clamminess for accomplishing quick remittances. This fabricated Bitso is the better barter accomplice of MoneyGram for Mexican pesos-based remittances. The advantage of Bitso is that the allotment of cyberbanking users in the arena is actual low, so this has accustomed them to abound appealing fast, demography advantage of how cryptocurrency works and its bargain costs for remittances.
But Bitso is not alone about remittances in Mexico. The barter is absorption to aggrandize its ability to added Latam countries, and it has been adopted as one of the accustomed crypto companies to conduct tests in Colombia while additionally afresh ablution operations in Brazil.
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