Latin America's largest cryptocurrency platform, Bitso, has hit a $2.2 billion valuation off the back of a $250 million Series C equity round led by Tiger Global and Coatue.
Paradigm, Bond & Valor Capital Group, QED, Pantera Capital, and Kaszek joined the round for Bitso, which offers a crypto trading app for retail investors as well as a professional-grade platform.
Founded in 2014 in Mexico, Bitso already claims more than two million users, with a strong presence in its home market as well as Argentina. Last week its retail platform arrived in Brazil and the firm is planning to move into more countries, including Colombia, over the next few months.
The new funding will be used to continue this expansion, with a focus on building on top of open-source financial services running on decentralised blockchains. Already in the pipeline are a crypto derivatives platform and interest-bearing accounts for crypto.
"People in Latin America are using this technology in their everyday lives. We're proud to grow with the industry and to continue to make these powerful financial enablers available to everyone," says Bitso CEO Daniel Vogel