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Mexican cryptocurrency trading platform Bitso raises $250 million

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MEXICOCITY (Reuters) – Mexican fintech Bitso, a cryptocurrency trading platform, has raised $250 million, venture capital fund Cometa, an investor in Bitso, said on Wednesday.

The resources raised represent 9% of Bitso, giving the firm an absolute valuation of about $2.2 billion, said a Cometa representative.

“Bitso becomes the first fintech in Mexico to reach a valuation of more than $1.0 billion in the market,” said Cometa, also known as Variv Capital.

The funds were raised in a so-called series C investment round.

Bitso, with operations in Mexico, Argentina and Brazil, is developing other uses for cryptocurrencies, such as sending remittances, the investment fund added.

(Reporting by Dave Graham in Mexico City; Writing by Anthony Esposito; Editing by Matthew Lewis)

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