Crypto unicorn Bitso aims to hit 5 million clients in Colombia

In Colombia, Bitso hopes to accumulate 1 million clients just this month, co-founder and chief executive Daniel Vogel said.

Bitso is one of the growing collection of unicorns in Latin America with a valuation of at least $1 billion and is worth some $2.2 billion, following a 2021 funding round where it raised $250 million.

Vogel told Reuters that with our launch in Colombia, we hope to hit 5 million customers and we think we can do that this month.

He said that Colombia is a very dynamic market in terms of the cryptocurrencies, as we enter with this expansion plan from the point of view of our products, hiring people and growing in the country.

Vogel, an economist and systems engineer who graduated from Stanford University, ruled out more investment rounds in Bitso's immediate future.

He said that they were focused on continuing to grow the business but for now there is no need to raise more capital.

The funds that have invested in Bitso have included Cometa, Pantera, Coinbase Ventures, QED Investors, Kaszek, Tiger Global, Coatue and Bond.