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 Could 17, 2022. REUTERS/Dado Ruvic/Illustration/File Picture

BOGOTA, Could 18 (Reuters) – Mexican cryptocurrency change 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 Govt Daniel Vogel mentioned.

Bitso is amongst Latin America’s rising assortment of “unicorns” – firms with a valuation of not less than $1 billion – and is price some $2.2 billion, following a 2021 funding spherical the place it raised $250 million.

Bitso will provide prospects instantaneous transfers by way of the PSE fee system, gross sales of cryptocurrencies reminiscent of bitcoin and ether, in addition to use of its new funding platform Bitso+.

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

“With our launch in Colombia we hope to hit 5 million prospects and we predict we will try this this month,” Vogel informed Reuters in a telephone 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 spend money on the Andean nation.

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

“We’re actually targeted on persevering with to develop this enterprise however for now there is no such thing as a want to boost extra capital,” he mentioned.

Funds together with Cometa, Pantera, Coinbase Ventures, QED Buyers, Kaszek, Tiger International, Coatue and Bond have invested in Bitso up to now.

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

Our Requirements: The Thomson Reuters Trust Principles.