Blockchain remittance platform Valiu raises $5.25 million in seed funding
February 11, 2021, 2:36PM EST
1 min read
Valiu, a blockchain-based international remittance firm located in Colombia, announced Thursday that it raised $5.25 million in seed funding.
Blockchange Ventures and Anthony Pompliano (via Pomp Investments) led the most recent round of funding. Blockchange Ventures is a blockchain-focused investment firm that has previously helped fund the crypto software company Zambo, the crypto freelancer support firm Braintrust, and numerous other crypto-adjacent companies. Valiu's round valued the startup at $20 million.
The company, founded in 2018, raised the $5.25 million in seed funding over a period of about two years. Other investors include Castle Island Ventures, Messari CEO Ryan Selkis, Volt Capital, Nima Capital, and former GoDaddy CEO Blake Irving.
Valiu plans to use the funds to expand its user base across Latin America and to improve its product offerings, such as cross-border peer-to-peer payment systems and crypto lending and investing tools.
"Crypto is not only the next fintech wave, but it is also the most exciting innovation in capital markets," said Simon Chamorro, Valiu's co-founder and CEO. "This is only the beginning of a long journey towards changing how people interact with money across Latin America and we are thrilled to form part of this paradigm shift in a region that desperately needs it."
Valiu is the latest crypto firm in Latin America to raise funds with the goal of further expansion in the region. Bitso, a crypto exchange services firm, raised $62 million last year with an eye to expand in Brazil as well as continue its work in the Argentinian market. Bitso announced Thursday that it had acquired a European crypto derivatives platform.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.