Investors in the round include Tiger Global, Coatue, Paradigm, BOND, Valor Capital Group, QED, Pantera Capital, and Kaszek.
BITSO Raised $255 Million Series C Equity Round
H.M Government of Gibraltar welcomes the news that BITSO, a leading Gibraltar licensed and regulated firm, has raised a $255 million Series C equity round led by Tiger Global and Coatue which, reports suggest, provides them with a US$2.2 billion valuation.
In 2019, BITSO obtained a full DLT license from the Gibraltar Financial Services Commission following the establishment of the DLT Legal framework which was introduced in January 2018. Gibraltar’s DLT legislation is the world’s first purpose-built regulatory framework for businesses using DLT to store or transfer value belonging to others.
The Hon Albert Isola, Minister for Digital and Financial Services said, “My sincere congratulations to our friends at BITSO for their continuing success. We are committed to providing an efficient, safe, and innovative regulatory framework for companies to be licensed and supervised here. As we continue to see the industry and companies like BITSO mature and push global boundaries, Gibraltar remains dedicated to creating an open dialogue between regulators and industry figures to promote this innovative business in a safe and regulated environment. As Gibraltar firms continue to grow internationally, we welcome their commitment to meeting these standards and demonstrating the effectiveness of our framework in the global marketplace.”
Daniel Vogel, CEO of BITSO commented, “The GFSC and the DLT Providers Regulatory framework have allowed us to continue innovating, expanding and advocating for everybody in Latam to access this technology. It has been more than two years since we started planning our international expansion plans—obtaining our DLT license was an essential step on our way to expanding across the Region. Trust is paramount to make crypto useful and for our customers to use BITSO in their everyday life. The GFSC helps us establish that trust. This capital will enable us to expand our current capabilities, our product offering and continue making crypto useful across Latin America.”
BITSO’s Upcoming Plan
BITSO’s upcoming product offering will be focused on better serving the needs of consumers and businesses across Latin America by making crypto useful. New products are in development as BITSO continues to build next-generation borderless financial services for consumers and businesses alike.
Having updated its DLT regulatory framework in late 2020, the Government of Gibraltar recently announced the establishment of a new working group that will be responsible for defining the appropriate market standards for VASP’s operating in the digital asset space.