One of the Mexican fintech platforms Bitso, which trades cryptocurrency has raised $250 million, venture capital fund Cometa, an investor in Bitso, stated on Wednesday.
The resources raised show around 9% of Bitso and giving the firm an absolute valuation of about $2.2 billion, said one of the Cometa representatives.
With the newest funding, Bitso becomes the first fintech venture in Mexico to reach the valuation of $1 billion and above in the fintech Marketplace. It is stated by Cometa, which is also known as Variv Capital.
This is the series C funding round for the venture and had nabbed a good amount of funds in earlier rounds too.
Bitso currently operating in Mexico Argentina and Brazil full stop is developing different uses for cryptocurrencies such as sending remittances, stated by the investment fund.
Bitso was founded on January 23, 2014, Mexico’s first Bitcoin exchange also operating a Getaway allowing International floors of pesos, US dollars, and Bitcoin to facilitate seamless us to Mexico remittances without any difficulty.
Its chief competitor at the time being LocalBitcoins, which handles a similar volume. In 2019, the exchange had around 750,000 users in Mexico, and in October, Ripple invested in the company and expanded its operations in Latin America. In addition, two months earlier it had become the first Distributed Ledger Technology licensed exchange in Latin America.