Argentine crypto exchange Buenbit raises $ 11 million to expand in Latin America

[ad_1]

Argentina-based cryptocurrency exchange Buenbit has raised $ 11 million in a Series A funding round led by Libertus Capital, the exchange announced Monday.

Galaxy Digital, FJ Labs and Amaiya Management also participated in the cycle, CEO Federico Ogue told CoinDesk, as did angel investors such as Alec Oxenford, founder of e-commerce company OLX.

This is an important Series A for the running numbers we see in Argentina and Latin America, Ogue said, adding that in the past the company has raised $ 100,000 from friends and family.

Related: Crypto Insurance Platform Coincover Raises $ 9.2 Million As Big Business Seeks Security

According to the CEO, half of the funds will be used to start operations in Peru, Colombia and Brazil or Mexico before the end of 2021. The other half will go to increasing Buenbits staff to 190 from 130 this year. because the exchange will hire people for its product, technology and design teams.

Buenbit plans to list USDC, USDT, and Binance USD, and include bitcoin and ether-focused investment products, Ogue said.

The platform allows users to buy and sell cryptocurrencies, and it offers returns on DAI, a stable coin that accounts for 60% of the company’s trading volume.

We seek to be a benchmark company in stable coins in Latin America. We believe that the growth in the region will come from this side, Ogue said.

Related: Argentina Lawmaker Proposes Bill For Companies To Pay Employees In Crypto

The company plans to raise more funds in six months to a year, Ogue said.

Buenbit is already offering its corporate business unit, Buenbit Pro, in Peru and will launch its app for retail users in August, Ogue said. It plans to start operations in Colombia in September and in Brazil or Mexico by the end of 2021.

The company plans to make acquisitions to accelerate its growth in these countries, the CEO said. So far he has had talks with two potential targets, he added.

Without releasing any numbers, Ogue said Buenbit has been profitable for several months. The company, which was launched in 2018, has more than 400,000 users, he said.

Related stories

[ad_2]