The Argentinian crypto exchange Buenbit is raising $ 11 million to expand operations on the continent
Buenbit, an Argentina-based crypto exchange, raised $ 11 million in a funding round. The company plans to expand its activities in Latin America.
Argentinian crypto exchange Buenbit raises $ 11 million
The Argentine crypto exchange Buenbit has raised $ 11 million in a Series A financing round led by Libertus Capital, the exchange announced on Monday.
CEO Federico Ogue told CoinDesk, Galaxy Digital, FJ Labs and Amaiya Management also attended the round, as did angel investors like Alec Oxenford, founder of e-commerce company OLX.
“This is an important Serie A in the totals we’re seeing in Argentina and Latin America,” Ogue said, adding that the company had previously raised $ 100,000 from friends and family.
Buenbit CEO Federico Ogue said the company plans to use half of the money to expand operations outside Argentina.
The company currently expects to start operations in other Latin American countries such as Colombia, Peru, Brazil and Mexico by the end of 2021.
With the help of these extensions, the platform will be able to reach one million users, the press release states. They currently have fewer than 380,000 registered users, so growth would be a 165% increase.
Buenbit Pro, the platform’s corporate business unit, is already available in Peru. According to Ogue, the app for private investors will hit the market in August.
The other half will be used to increase Buenbit’s workforce from 130 to 130 this year as the exchange will hire people for its product, technology and design team.
Buenbit is a cryptocurrency exchange that enables users to buy and sell cryptocurrencies. It’s also profitable on a stablecoin called DAI.
The crypto exchange is also planning USDC, USDT, and Binance USD listings, according to Ogue. In addition, the platform will also offer Bitcoin and Ethereum-related investment products.
The platform enables users to buy and sell cryptocurrencies and makes a profit on DAI (+ 0.02%), a stablecoin that accounts for 60% of the company’s trading volume.
This is what Ogue says about stablecoins and Buenbit:
“We strive to be a standard stablecoins company in Latin America. We believe that growth in the region will come from this side. “
The company plans to raise additional funding within six months to a year, Ogue said.
“Buenbit already offers its Buenbit Pro division in Peru and will launch its app for retail users in August,” said Ogue.
It is scheduled to start operating in Colombia in September and in Brazil or Mexico at the end of 2021.
The company is considering acquisitions to accelerate growth in these countries, the CEO said. So far it has had talks with two possible goals, he added.
Without giving any numbers, Ogue said Buenbit has been profitable for several months. The company, founded in 2018, has more than 400,000 users, he said.
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