Bitso enters Colombia to attract 1 million new clients this month

bitsothe Mexican digital cryptocurrency exchange platform, opened operations in Colombiaits fourth market in which it hopes to lift a million clients this month, the company’s co-founder and president, Daniel Vogel, announced on Wednesday.

The so-called technological “unicorn” has an absolute valuation of 2,200 million dollars and last year raised an investment round of 250 million dollars.

Bitso will offer the instant transfer service in connection through the PSE system, in addition to allowing the sale of cryptocurrencies such as bitcoin and ether, among others, as well as its new Bitso+ product, which generates returns through the platform.

Bitso currently has some four million clients in Mexico, Brazil and Argentina.

“With this opening in Colombia we are hoping to reach five million clients and we are thinking of being able to do it this month,” Vogel said in a telephone interview with Reuters.

“We see Colombia as a key market for us, where we are reaching with this expansion plan from the point of view of our products, hiring people and growth in the country, it is a very dynamic market in terms of cryptocurrencies,” he explained.

The executive refrained from disclosing the amount the company will invest in Colombia.

The Stanford University economist and systems engineer ruled out further rounds of investment in the immediate future for the company, which has 600 employees.

“We are very focused on continuing to grow this business, but at this time there is no need to raise capital,” Vogel concluded.

Bitso currently has investments from Cometa, Pantera, Coinbase Ventures, QED Investors and Kaszek, Tiger Global, Coatue and Bond funds.

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