Souvenir tokens representing cryptocurrency Bitcoin and the Ethereum network, with its native token ether, plunge into water in this illustration taken May 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
BOGOTA, May 18 (Reuters) – Mexican cryptocurrency exchange platform Bitso has begun operating in Colombia, its fourth market, where it hopes to accumulate 1 million clients just this month, co-founder and Chief Executive Daniel Vogel said.
Bitso is among Latin America's growing collection of "unicorns" – companies with a valuation of at least $1 billion – and is worth some $2.2 billion, following a 2021 funding round where it raised $250 million.
Bitso will offer customers instant transfers via the PSE payment system, sales of cryptocurrencies such as bitcoin and ether, as well as use of its new investment platform Bitso+.
Bitso currently has 4 million customers in Mexico, Brazil and Argentina.
"With our launch in Colombia we hope to hit 5 million customers and we think we can do that this month," Vogel told Reuters in a phone interview.
"We see Colombia as a key market for us, which we are entering with this expansion plan from the point of view of our products, hiring people (and) growing in the country – it is a very dynamic market in terms of cryptocurrencies," he added, though he declined to say how much Bitso would invest in the Andean country.
Vogel, an economist and systems engineer who graduated from Stanford University, ruled out more investment rounds in Bitso's immediate future.
"We're really focused on continuing to grow this business but for now there is no need to raise more capital," he said.
Funds including Cometa, Pantera, Coinbase Ventures, QED Investors, Kaszek, Tiger Global, Coatue and Bond have invested in Bitso to date.
Our Standards: The Thomson Reuters Trust Principles.
Sign up to our investor newsletter to get the latest news and trends in global financial markets.
Subscribe to our newsletter to get all the news you need to start your day.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved
