Bitso raises $ 250 million and is the new Mexican unicorn valued at $ 2.2 billion USD

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The Mexican cryptocurrency exchange Bitso, led by Daniel Vogel, Pablo González and Ben Peters, reached a valuation of 2,200 million dollars (million dollars) with this survey.

The Mexican cryptocurrency exchange Bitso, founded in April 2014, officially reached the unicorn rank this Wednesday, obtaining a valuation of more than 2,200 million dollars (million dollars) after completing a new round of investment in series C for 250 mdd.

This new capital was driven, according to the company, by international funds such as Tiger Global and Coatue, as well as others such as Paradigm, BOND & Valor Capital Group.

An unprecedented explosion Daniel Vogel (PW pages 42, 43 and 44)

With this recent uprising, Bitso led today by Daniel Vogel, co-founded in its beginnings by Pablo González and Ben Peters, has already raised over seven years of history around 332 million dollars, according to Forbes Mexico calculations.

“The adoption of crypto in Latin America is accelerating, we are excited to join Bitso, we believe they have the right platform and equipment to gain share in this growing market,” explained Scott Shleifer, partner of Tiger Global, about his recent investment.

For his part, Michael Gilroy, general partner of Coatue, assured that Bitso is today “the first platform with scalable compliance systems that allows consumers throughout Latin America to access the crypto economy.”

Bitso, la primera plataforma en América Latina en contar con una licencia  internacional de criptomonedas

Although Bitso had been registering a gradual growth, the biggest boom of the cryptocurrency platform came just last year, when it experienced a much greater development than expected.

“The growth of the cryptocurrency ecosystem this year has been remarkable, Bitso took six years to get its first million clients. Now, less than 10 months later, we have already reached the figure of two million, “said Daniel Vogel, CEO of the newly appointed unicorn.

Just a couple of months ago, in an interview with Forbes Mexico, Vogel explained that only between the third and fourth quarters of last year, Bitso registered an increase of up to 85% in its volume of capital transacted within its platform.

Likewise, the number of daily users of the startup went from having 105,000 clients in December 2020, 2,400 simultaneous at its highest peak, to more than 406,000 last January, with up to 20,000 people connected at the same time, which meant an increase of almost 400%.

“This stage for us has been the most fun and the most difficult at the same time, first because we are seeing a very important assessment of what we are doing, but on the other hand it is also difficult because from one day to the next your workload it grows 10 times ”, explained Vogel at the time to this medium.

Today, in addition to Mexico, the company also has a presence in the countries of Argentina, where they already have up to 75% of the cryptocurrency exchange market in their hands, and Brazil, where they began operations just a few weeks ago.

“We are starting an operation in Brazil, with a very small number of institutional clients. Our goal is to become the most important player in that country by the end of the year ”, Pablo González, its co-founder, also mentioned to Forbes Mexico.

According to Daniel Vogel, the company’s next step will be focused on developing products that are much broader and more accessible than they currently have.

“I would tell you that these products that we are planning to launch are going to be much broader than what we have today; They are products that will incorporate all the technology available to date regarding cryptocurrencies, and that even my mother will know how to use ”, he concluded.

Source: forbes.com.mx

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