Lemon, a leading cryptocurrency exchange based in Argentina, has raised $20 million in a Series B funding round as the country attracts interest from international capital. Marcelo Cavazzoli, founder and CEO of Lemon, declared that his next goal is to launch operations throughout Latin America.
Argentina-based cryptocurrency exchange Lemon raises $20 million in Series B funding round
More and more international companies are turning to Argentina to invest in the digital asset industry. Lemon, Argentina’s leading cryptocurrency exchange, has closed its Series B funding round, raising $20 million to support its expansion program across Latin America.
The round, led by two US-based funds, F-Prime and ParaFi, shows that international investors have a positive vision for the growth of the region’s cryptocurrency ecosystem.
DRW Venture Capital, Endeavor Catalyst, VanEck VC, Persea VC, Alumni Ventures, Lambda Class, and Aave founder Stani Kulechov also participated in the round, which Lemon said is the first large round for a crypto company in the region in three years.
The exchange, which serves more than 5 million users, aims to use these funds to expand its footprint in Latin America, starting operations in Colombia, Mexico and Chile, and returning to markets such as Brazil.
The company has experienced significant growth in Peru, gaining more than 1 million customers in one year, issuing more than 150,000 credit cards, and demonstrating its ability to quickly adapt to the new compliance environment.
Marcelo Cavazzoli, Founder and CEO of Lemon, reflected on the relevance of this move and how it will benefit future customers in the region.
He said:
We are on track to become the most widely decentralized crypto platform on the continent, thereby poised to bring the future of the internet to millions of people across Latin America.
Lemon’s funding round was announced as Argentina regains recognition as a viable destination for investment funds. Takenos, another Argentina-based wallet focused on stablecoin transfers and payments, also raised $5 million in a recently closed funding round, highlighting the suitability of these solutions for international investors.
