In Colombia, Bitso hopes to accumulate 1 million clients 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 $2.2 billion following a 2021 funding round where it raised $250 million.
In a phone interview, Vogel told Reuters that "we hope to hit 5 million customers with our launch in Colombia and we think we can do that this month."
He said that Colombia is a key market for us and we are entering this expansion plan with this expansion plan from the point of view of our products, hiring people and growing in the country, as it is a very dynamic market in terms of cryptocurrencies, although he wouldn't say how much Bitso would invest in the Andean 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 we were focused on continuing to grow the business, but there is no need to raise more capital.
To date, Bitso has invested in companies like Cometa, Pantera, Coinbase Ventures, QED Investors, Kaszek, Tiger Global, Coatue and Bond.