Argentinian Crypto Exchange Lemon Raises $ 16 Million to Grow in Latin America

[ad_1]

Lemon, an Argentina-based crypto exchange, raised $ 16.3 million in a Series A round led by UK fund Kingsway Capital, he said on Tuesday.

Some of the money will be used to expand its operations in Latin America this year and into 2022, including Chile, Colombia, Ecuador, Peru and Uruguay, CEO Marcelo Cavazzoli told CoinDesk.

The CEO declined to say if Lemon plans to acquire any companies immediately.

Related: Argentina’s Misiones Province Plans To Issue Its Own Stablecoin

In addition to Kingsway Capital, Draper Associates, Valor Capital, Cadenza Capital Management, Draper Cygnus, Coinbase Ventures and Supervielle participated in the round, Cavazzoli said.

The company last raised a million dollar seed series led by Draper University and Draper Cygnus in 2020, in which Silent Unicorn and Amagis Capital also participated.

According to Cavazzoli, the company’s latest capital increase will give it enough funds to continue operating until 2022.

Lemon plans to launch a crypto card in conjunction with Visa in October, as it works on DeFi lending, borrowing and trading products, Cavazzoli said.

Related: Zed Run’s VHS Developer Raises $ 20 Million in TCG-Led Funding Round

The company, which currently has 35 employees, will use some of the money to double its team by 2021, mainly in Argentina, the CEO said.

Cavazolli did not provide data on income or active customers, although he said 60,000 people are on the waiting list to receive the crypto card which will launch in October.

Related stories

[ad_2]