Thursday, 20 January 2022 22:59

DitoBanx, Bitcoin services startup, becomes the first salvadoran Fintech to raise half a million dollars in investment funds

Written by Evelyn Alas

DitoBanx, a 100% salvadoran company, with its own technology and a unique matrix of financial services based on Bitcoin, obtains its first investment fundraising for half a million dollars in a seed capital round, with a significant valuation of more than US$3.125 million for the expansion of its operations.

The raising of investment funds comes at a time when El Salvador stands out as the epicenter of Bitcoin as it has legislation that allows its legal tender.

"This first round of seed capital allows us to lay the corporate foundations of an organization that is designed to expand very quickly and allows us to have the initial push of the vision we pursue to be leaders in the market, offering quality digital products that connect thousands of people to new opportunities and financial inclusion services based on Bitcoin", says Guillermo Contreras CEO of DitoBanx.

DitoBanx's angel investor has more than 10 years of experience in Bitcoin-related investments mainly in European markets. "Our angel investor saw a serious commitment in us to be able to take this vision of building the financial structure of the next generation and reach other latitudes", says Contreras.

This first investment is the beginning of a capital raising cycle. In a relatively short period of time, the next round of investment, Series A, is planned, which will allow DitoBanx to enter markets with economies of scale, such as Mexico and Brazil, which require significant funds. Central America is an important market for DitoBanx; however, it sees closer opportunities in larger economies that have already taken very certain and concrete steps regarding Bitcoin in Latin America such as Colombia, Argentina, Mexico and Brazil.

"We do not lose sight of the economies with the largest transactional volume around Bitcoin such as the United States and Canada", explains the DitoBanx executive.

In terms of competition DitoBanx visualizes an ecosystem that is being born very healthy and with value propositions and innovative services. "The Bitcoin community is characterized by being very open and collaborative, we have supported and guided other companies to follow our path and we do it with total satisfaction.Today changes no longer take 10 years but on the contrary, the hyperconnected society in which we live allows a paradigm shift to occur in 2-3 years maximum", concludes the young entrepreneur.