Bitso is the newest Latin American company to have a total value of over a billion, with its value rising to $2.2 billion after a Series C funding round that was led by the Global Tiger, the Valor capital, the Paradigm, and the Bond.
The founder of Bitso, Vogel Daniel, said it took six years before the first million-dollar transaction was seen and after that, less than ten months before its transaction volume reached $2 million. Since then, the company has gone on to register over a million users.
In his words,
People in Latin America are using this technology in their everyday lives. We are proud to grow with the industry and continue to make these powerful financial enablers available to everyone.
The company launched its operations in Brazil recently and is looking forward to making positive changes in crypto usage within the country.
Bitso, launched in 2014, began offering crypto services using the Mexican pesos, which allows deposits or withdrawals using the Ripple gateway mode of payment supported by mobile and desktop devices.
According to Vogel, the new funds would be helpful in the process of expansion in Latin America, with Argentina being among the first nation of targets. The country is being targeted due to its worsening economic situation and its current level of inflation.