Key Takeaways:
- Tether led a $14M Series A funding round for Argentine crypto wallet Belo, dwarfing its 2022 seed round.
- This $14M round highlights aggressive investor bets on Latam crypto following Belo’s 3 profitable years.
- Next, Belo will use the $14M to expand into 6 new Latam nations and grow its existing base in Brazil.
Belo Aims To Expand In Latam With Tether’s Backing
More companies are eyeing Latam as the next big crypto market, and Tether is making sure to invest in it before the shift to digital assets happens.
Belo, an Argentine wallet and crypto services provider, recently raised $14 million in its Series A funding round, led by Tether, the world’s largest stablecoin issuer. Titan Fund, The Venture City, Mindset Ventures, G2, and other seed investors also participated.
The round’s magnitude, which dwarfs the $3 million raised in Belo’s seed round in May 2022, underscores the growth of digital assets in Latam and how investors are aggressively positioning for the predicted growth of the crypto market both globally and locally.
Manuel Beaudroit, CEO of Belo, reinforced that the company would use these funds to expand into key crypto markets in the region, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay. In Brazil. where the platform is already available, Belo will seek to increase its adoption among freelancers, remote workers, and users navigating multi-currency environments.
He stated:
“We entered this round with three years of profitable operations and a product that people use in their daily lives. We found an investor who understands what we’re building and who we’re building it for. That alignment is what brought us here. This round isn’t about sustaining the business. It’s about scaling it,”
The company highlighted that Tether’s involvement at this stage “reflects an alignment between the two companies to build a more open and accessible financial infrastructure,” with both companies focusing on implementing financial solutions that help users facing financial challenges overcome them.
“This round gives us the resources to build on what already works, expand our presence in the region, enter new markets, and strengthen the team. It marks a new phase for the company,” Edwin Rager, Strategy Director at Belo, concluded.
