Buenbit, an Argentina based crypto exchange, has raised $11 million in a funding round. The firm plans to expand operations in Latin America. Beunbit is a crypto exchange platform that allows users to buy and sell cryptocurrencies. It also offers returns on a stablecoin called DAI.
The platform announced on Monday that it has raised $11 million in a Series A funding round led by Libertus Capital.
Other members of the funding round included FJ Labs, Amaiya Management, Alec Oxenford (the founder of OLX), and Galaxy Digital.
According to Federico Ogue, the CEO of Buenbit, the firm plans to use half of the funds to expand operations outside of Argentina.
Currently, the company expects to start operations in other Latin American countries like Colombia, Peru, Brazil, and Mexico by the end of 2021.
With the help of these expansions, the platform should be able to reach one million users, as pointed out by the press release. Right now, they have a little under 380k registered users so that the growth would mean a 165% raise.
It should be noted that Buenbit Pro, the platform’s corporate business unit, is already available in Peru. The app for individual investors will launch in August, according to Ogue.
The other half of the funding will go towards adding more professionals to Buenbit for varous platform improvements.
According to Ogue, the crypto exchange also plans to host USDC, USDT, and Binance USD listings. Along with that, the platform will have investment products related to Bitcoin and Ethereum as well.
Around 60% of the comapny’s trading volume is a single stablecoin, DAI. Here is what Ogue says about stablecoins and Buenbit:
We seek to be a benchmark company in stablecoins in Latin America. We believe that growth in the region will come from that side.
At the time of writing, BTC floats around the $33k mark. The crypto is down more than 2% in the last 7 days. While over the last month, the coin has dropped 7% in value.
Here is how the price chart of Bitcoin looks like over the past 6 months:
The crypto has behaved as a range bound market over the past few weeks now, with its value barely moving much. In fact, Bitcoin’s market volatility has dropped to the lowest point since the start of the year.
It’s unclear when BTC will be able to break out of this stagnation phase, and which direction the market will go once it does.