- Crypto exchange Lemon raised over $16M in Funding Round.
- Fund will utilized to expand Lemon operations in Latin America.
- Nearly 60,000 people are waiting to receive a crypto card.
Argentina cryptocurrency exchange, Lemon has raised $16.3 million in a Series A round organized by British fund Kingsway Capital, which was announced by Kingsway Capital.
Accordingly, the raised fund will utilized to expand crypto exchange Lemon operations in Latin America in 2021 and 2022, also in Chile, Colombia, Ecuador, Peru, and Uruguay. This revealed by Lemon Exchange CEO Marcelo Cavazzoli.
Moreover, Marcelo Cavazzoli neglected to comment on whether Lemon plans to acquire any other companies immediately.
Moreover, other participants who participated in the Serie A funding led by Kingsway Capital are Draper Associates, Valor Capital, Cadenza Capital Management, Draper Cygnus, Coinbase Ventures, and Supervielle, noted by Cavazzoli.
Henceforth, in the last seed series round which, conducted by Draper University and Draper Cygnus in 2020 company raised $1 million, in that funding round Silent Unicorn and Images Capital also participated.
More so, crypto exchange lemon CEO Cavazzoli stated, the company’s recent latest fundraise will give it enough funds to continue operations through 2022.
Even more, Lemon exchange plans to launch a crypto card in conjunction with Visa in October, it also works on decentralized finance (DeFi) lending, borrowing, and trading products.
Currently, the company has 35 employees, will use part of the money to double its team by 2021, especially in Argentina, explained Cavazzoli.
Even though the CEO of the exchange did not reveal any information about revenue or active clients, he stated that 60,000 people waiting to receive the crypto card which planned to launch in October.
