Argentine Crypto Exchange Buenbit Raises $ 11m To Expand Operations On Continent

Buenbit, an Argentine crypto exchange, raised $ 11 million in a funding round. The company plans to expand in Latin America.

Buenbit crypto exchange raises $ 11m
The Platform announced Monday that it has raised $ 11 million as part of a series of funding rounds organized by Libertus Capital.

Other participants in the tour were FJ Labs, amaiya, management, Alec Oxenford (founder of OLX) and Galaxy Digital.

Buenbit is a cryptocurrency exchange platform that allows users to buy and sell cryptocurrencies. It also offers the return of a stable coin called DAI.

According to Buenbit CEO Federico OGE, the company plans to use half of the funds to expand activities outside Argentina.

The company currently expects to start operations in other Latin American countries such as Colombia, Peru, Brazil and Mexico by the end of 2021.

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By using these extensions, the platform should be able to reach one million users, as stated in the press release. There are currently under 380 thousand registered users, so the growth means an increase of 165%.

It should be noted that Buenbit Pro, a corporate division of the platform, is already available in Peru. Implementation for individual investors will begin in August, according to OGE.

The other half of the funding goes to adding more experts to Buenbit for various platform enhancements.

According to Ogue, the crypto exchange also plans to place USDC, USDT and Binance listings in US dollars. However, the platform will also invest in bitcoin and Ethereum-related products.

About 60% of the company’s trading volume is a dai fixed currency. Here’s what OSU said about stable coins and Buenbit:

We aim to be a reference company in Latin America in the field of stable currencies. We believe that growth in the region will occur in this direction.

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