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Bitso reportedly becomes Latin America’s first billion-dollar crypto exchange

May 5, 2021. Summarized by summa-bot.

Compression ratio: 40.4%. 1 min read.

Bitso has doubled its users over the past ten months, sending a strong signal that Latin America is becoming a hotbed for crypto adoption.

Mexican cryptocurrency exchange Bitso has concluded a $250 million Series C capital raise, putting it in the upper echelons of Latin America’s fintech industry.

The latest investment round gives Bitso a total value of $2. 2 billion, making it the first Latin American cryptocurrency exchange to be worth over $1 billion.

“People in Latin America are using this technology in their everyday lives,” Vogel said, referring to his cryptocurrency exchange.

He explained that the latest investment round will be used to grow company capabilities as the exchange continues to expand its regional operations:

This round will be used to expand our capabilities, our product offering, and to continue to make cryptocurrencies useful throughout Latin America. ”

Launched in 2014, Bitso offers cryptocurrency exchange services settled in Mexican pesos.

Argentina was one of Bitso’s first expansion targets in 2019 after the company deployed investment funds obtained from a Ripple-led capital raise.

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