Argentinian Crypto Exchange Lemon Cash Raises $16M to Expand in Latin America

The company plans to expand its operations n Chile, Colombia, Ecuador, Peru and Uruguay by the end of 2022.

AccessTimeIconJul 27, 2021 at 3:00 a.m. UTC
Updated Sep 14, 2021 at 1:31 p.m. UTC

Lemon Cash, an Argentina-based crypto exchange, raised $16.3 million in a Series A funding round that was led by British fund Kingsway Capital, Lemon Cash announced Tuesday.

The exchange will use some of the money to expand its operations in Latin America this year and in 2022, including in Chile, Colombia, Ecuador, Peru and Uruguay, CEO Marcelo Cavazzoli told CoinDesk. 

Cavazzoli declined to comment on whether Lemon Cash plans to acquire any companies immediately.

In addition to Kingsway Capital, Draper Associates, Valor Capital, Cadenza Capital Management, Draper Cygnus, Coinbase Ventures and Grupo Supervielle participated in the round, Cavazzoli said.

The company raised $1.1 million in two rounds of seed funding last year. That was led by Draper University and Draper Cygnus. Silent Unicorn and Amagis Capital also participated. 

According to Cavazzoli, the company's latest round will give it enough funds to continue operations through 2022.

Lemon Cash plans to launch a crypto card in conjunction with Visa in October, while it works on decentralized finance (DeFi) lending, borrowing and trading products, Cavazzoli said. 

The company, which has 35 employees, will use some of the new funds to double its staff this year, mainly in Argentina, the CEO said. 

Cavazolli didn't provide data on revenue or active clients, although he stated that 60,000 people are on the waiting list to receive the crypto card that will be launched in October. 

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
‘I Don't Follow Trends’: Multicoin’s Kyle Samani on How to Make It in Crypto

The Multicoin Capital founder says to zig when everyone zags, during CoinDesk’s “Future of Work Week.”

CoinDesk - Unknown
2
CoinDesk - Unknown
Meet ‘Frequency,’ Polkadot’s New Decentralized Social Media Parachain

The team behind Project Liberty’s Decentralized Social Network Protocol unveiled the newly named parachain at Polkadot Decoded.

CoinDesk - Unknown
3
CoinDesk - Unknown
DeFi Shouldn't Be Regulated, Crypto Advocates Tell UK Regulator

The advice comes from those who participated in a forum the Financial Conduct Authority held to hear from the digital assets industry.

CoinDesk - Unknown
4
CoinDesk - Unknown
Market Wrap: Bear Market Guides in Vogue as Bitcoin Drops for Fourth Straight Day

BTC was sliding toward $20,000 on Wednesday, as the Bankless newsletter offers mental health tips for surviving a crypto winter.

CoinDesk - Unknown