Crypto exchange Bitso has wrapped up a $250 million Series C fundraising round, joining the roster of newly minted crypto unicorns.
Investment legends Tiger Global and Coatue Management co-led the round, which finished just a few months after Bitso announced its Series B. Bitso joins a fast-growing list of new crypto unicorns—including Paxos, BlockFi, and Dapper Labs—that have raised eye-popping rounds this year. Its valuation stands at $2.2 billion.
Bitso CEO Daniel Vogel told The Block in an interview that the fundraise follows a period of significant growth for the firm. The exchange—which is among the largest crypto and financial technology firms in Latin America—doubled its user base in less than four months from 1 million to 2 million during 2021. Vogel said its recent expansion into Brazil could potentially double its users again.
Still, the firm is small relative to its players in the US. Last month, its volumes topped $860 million—a small fraction of the volum
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