The partner of Ripple in expanding the ODL technology in Latin America, Bitso, has recently become the first crypto unicorn in the region after locking a major funding round. As reported by Forbes, the digital exchange based in Mexico which received an investment from Ripple back in October 2019, has turned into the first crypto unicorn.

Ripple-Funded Bitso Digital Exchange Becomes First Crypto Unicorn

It has been recently revealed in a Series C investment round that the market cap of the digital exchange funded by Ripple, Bitso has managed to surpass the mark of $2.2 billion after it secured $250 million.

Led by Coatue and Tiger Global giants, the Series C funding round has assisted in making the firm stand at the valuation of $2.2 billion and it has definitely managed to make it one of the biggest fintech in Latin America, and the only crypto unicorn.

In addition to this, it should be known that the firm managed to acquire $62 million in a Series B funding round of investment.

The company has revealed that it is the first crypto firm that has managed to exceed the valuation of $1 billion.

Operations of the Digital Exchange

The announcement made on Wednesday was followed by a Series B funding round in the month of December when the firm managed to raise $62 million with the aim of stretching its operations to Brazil.

Launching its operations in Brazil last week, the digital exchange currently operates in Argentina and Mexico.

In an official statement, it was revealed that:

“Bitso’s next product offering will focus on better serving the needs of users and businesses across Latin America by making cryptocurrencies useful through real use cases.” 

Also, in the month of January, Bitso became one of the nine approved companies in the fintech regulatory sandbox pilot of Columbia to trial banking services for the firms based on crypto.