Mexican cryptocurrency platform Bitso launches in Colombia

Memento tokens representing cryptocurrency Bitcoin and the Ethereum community, with its native token ether, plunge into water on this illustration taken Might 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photograph

BOGOTA, Might 18 (Reuters) – Mexican cryptocurrency alternate platform Bitso has begun working in Colombia, its fourth market, the place it hopes to build up 1 million shoppers simply this month, co-founder and Chief Government Daniel Vogel mentioned.

Bitso is amongst Latin America’s rising assortment of “unicorns” – firms with a valuation of no less than $1 billion – and is value some $2.2 billion, following a 2021 funding spherical the place it raised $250 million.

Bitso will supply clients instantaneous transfers by way of the PSE cost system, gross sales of cryptocurrencies equivalent to bitcoin and ether, in addition to use of its new funding platform Bitso+.

Bitso at the moment has 4 million clients in Mexico, Brazil and Argentina.

“With our launch in Colombia we hope to hit 5 million clients and we predict we are able to try this this month,” Vogel instructed Reuters in a cellphone interview.

“We see Colombia as a key marketplace for us, which we’re coming into with this growth plan from the standpoint of our merchandise, hiring individuals (and) rising within the nation – it’s a very dynamic market by way of cryptocurrencies,” he added, although he declined to say how a lot Bitso would put money into the Andean nation.

Vogel, an economist and techniques engineer who graduated from Stanford College, dominated out extra funding rounds in Bitso’s rapid future.

“We’re actually centered on persevering with to develop this enterprise however for now there isn’t a want to boost extra capital,” he mentioned.

Funds together with Cometa, Pantera, Coinbase Ventures, QED Traders, Kaszek, Tiger World, Coatue and Bond have invested in Bitso to this point.

Reporting by Nelson Bocanegra in Bogota
Writing by Oliver Griffin
Enhancing by Matthew Lewis

Our Requirements: The Thomson Reuters Belief Rules.