Category: pantera capital

With backers like Tiger Global, LatAm crypto exchange Bitso raises $250M at a $2.2B valuation



Bitso, a regulated crypto exchange in Latin America, announced today it has raised $250 million in a Series C round of funding that values the company at $2.2 billion.

Tiger Global and Coatue co-led the round, which also included participation from Paradigm, BOND & Valor Capital Group and existing backers QED, Pantera Capital and Kaszek.

The news caught our attention for several reasons. For one, it comes just four months after the startup raised $62 million in a Series B round. Secondly, the company believes the funding makes it the most valuable crypto platform in Latin America. And lastly, it also makes the company one of the most highly valued fintechs in the region.

Last year was a good one for Bitso, which says it processed more than $1.2 billion in international payments — including remittances and payments between companies — during 2020 alone. Bitso says it also has surpassed 2 million users. These two milestones, the company argues, is evidence of the growing use of crypto as an everyday financial tool in the region.

Demand for crypto assets and crypto-enabled financial products have soared in popularity both for individuals and businesses in the region, according to Bitso, which aims to be “the safest, most transparent, and only regulatory compliant platform” in Latin America. The company also says it’s the only player in the region to offer crypto-insurance for its client’s funds.

“The growth of the (Read more...)

Alchemy raises $80M at a $505M valuation to be the ‘AWS for blockchain’



Blockchain developer platform Alchemy announced today it has raised $80 million in a Series B round of funding led by Coatue and Addition, Lee Fixel’s new fund. The company previously raised a total of $15.5 million, so the latest financing brings its total raised to $95.5 million since it launched in 2017.

The latest round caught our attention for a few reasons.

First, the company, which describes itself as the backend technology behind the blockchain industry, went from public launch to a $505 million valuation in a matter of just eight months. During that time, Alchemy says it powered over $30 billion in transactions for tens of millions of users all over the world. Second, the startup says it also already powering the majority of the NFT industry.

And finally, its investors in the round include a high-profile mix of institutions and individuals such as DFJ Growth, K5 Global, the Chainsmokers, actor Jared Leto and the Glazer family (owners of the Tampa Bay Buccaneers and Manchester United). They joined existing backers including Yahoo co-founder and former CEO Jerry Yang, Pantera Capital, Coinbase, SignalFire, Samsung, Stanford University, Google chairman and Stanford University President John L. Hennessy, Charles Schwab, LinkedIn co-founder Reid Hoffman and others.

Sources with inside knowledge of Alchemy’s operations tell TechCrunch that the company has already grown its business more than eightfold since it signed the Series B term sheet. They also said Alchemy had over $300 million of investor demand wanting to enter the round and (Read more...)

Eco raises $26M in a16z-led round to scale its digital cryptocurrency platform



‍Eco, which has built out a digital global cryptocurrency platform, announced Friday that it has raised $26 million in a funding round led by a16z Crypto.

Founded in 2018, the SF-based startup’s platform is designed to be used as a payment tool around the world for daily-use transactions. The company emphasizes that it’s “not a bank, checking account, or credit card.”

“We’re building something better than all of those combined,” it said in a blog post. The company’s mission has also been described as an effort to use cryptocurrency as a way “to marry savings and spending,” according to this CoinList article.

Eco users can earn up to 5% annually on their deposits and get 5% cashback on when transacting with merchants such as Amazon, Uber, and others. Next up: the company says it will give its users the ability to pay bills, pay friends and more “all from the same, single wallet.” That same wallet, it says, rewards people every time they spend or save.

After a “successful” alpha test with millions of dollars deposited, the company’s Eco App is now available to the public.

A slew of other VC firms participated in Eco’s latest financing, including Founders Fund, Activant Capital, Slow Ventures, Coinbase Ventures, Tribe Capital, Valor Capital Group, and more than one hundred other funds and angels.  Expa and Pantera Capital co-led the company’s $8.5 million funding round.

CoinList co-founder Andy Bromberg stepped down from his (Read more...)