Belo, an Argentine cryptocurrency wallet and crypto services provider, has raised $14 million in a Series A funding round led by Tether, the world's largest stablecoin issuer. The round dwarfs the $3 million seed round Belo closed in May 2022, highlighting aggressive investor bets on the Latin American crypto market.
Manuel Beaudroit, CEO of Belo, stated that the capital will be deployed to expand into key LatAm markets including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay. In Brazil, where the platform is already available, Belo will seek to increase adoption among freelancers, remote workers, and users navigating multi-currency environments.
Three Years of Profitability, Now Scaling Up
“We entered this round with three years of profitable operations and a product that people use in their daily lives,” Beaudroit said. “We found an investor who understands what we’re building and who we’re building it for. That alignment is what brought us here. This round isn’t about sustaining the business. It’s about scaling it.”
In addition to Tether, other participants in the round include Titan Fund, The Venture City, Mindset Ventures, G2, and other seed investors. Edwin Rager, Strategy Director at Belo, added: “This round gives us the resources to build on what already works, expand our presence in the region, enter new markets, and strengthen the team. It marks a new phase for the company.”
Tether Bets on LatAm Crypto Infrastructure
Belo highlighted that Tether’s involvement at this stage “reflects an alignment between the two companies to build a more open and accessible financial infrastructure.” Both firms focus on implementing financial solutions that help users facing economic challenges overcome them. Latin America is rapidly emerging as the next frontier for digital assets, and Tether is positioning itself early by backing a proven local player.
Belo’s existing operations cover Brazil and Argentina. The fresh injection of capital will significantly strengthen its competitive moat. Cryptocurrency adoption across Latin America has surged in the past two years, particularly in countries with high inflation, where stablecoins and crypto wallets serve as tools for savings and cross-border payments. Belo’s expansion plans align perfectly with this trend.
Notably, Argentina’s financial regulator recently blocked the operations of ARGT, a peso-pegged stablecoin, classifying it as a security under local capital market rules. In this regulatory context, Tether’s investment in Belo signals confidence in compliant crypto services that navigate regulatory frameworks effectively.
In summary, Belo’s $14 million Series A represents not just a milestone for the company but a signal that the LatAm crypto market is moving from early exploration into a phase of scaled growth.