Buenbit, an Argentina-based crypto exchange platform, raised $11 million in Series A financing, the exchange said on Monday. The round was led by Libertus Capital, a London-based investment company founded in 2017. The money will be invested into the company’s expansion in Latin America.
“This is an important Series A for the common numbers we see in Argentina and Latin America,” Federico Ogue, CEO of Buenbit, said. Ogue added that many other companies participated in the round, including Galaxy Digital, FJ Labs, and Amaiya Management.
According to him, even before the campaign started, Buenbit raised $100,000, primarily from family and friends.
Ogue also explained how funds are going to be used. Half of the money will go towards the company’s expansion to Latin America – Peru, Colombia, and Mexico or Brazil. The funds will be used by the end of 2021. The other half of the money will be used for hiring new people at Buenbit. The company currently has a team of 130 employees, and the plan is to increase this number to 190 by hiring experts in product, design, and technology fields.
According to the CEO of Buenbit, the company will also include USDC, USDT, and Binance USD, as well as products that are focused on Bitcoin and Ether. Buenbit will be used for buying and selling cryptocurrencies, allowing returns in DAI. Unlike Bitcoin, DAI is a stable token, which currently holds 60% of the Buendbit trading volume.
“We seek to be a benchmark company in stablecoins in Latin America. We believe that growth in the region will come from that side,” said Ogue, adding that the company’s plan in the next six months is to raise more funds.
Buenbait’s CEO also added that the company’s corporate-focused arm in Peru, Buenbit Pro, is already active and that the company will launch the app specially designed for retail users in August. The plan is for operations in Columbia to begin in September, while those in Brazil or Mexico will start by the end of 2021.