Tether, the world’s largest stablecoin issuer, has led a $14 million Series A funding round for Belo, an Argentine cryptocurrency wallet and crypto services provider. The round also saw participation from Titan Fund, The Venture City, Mindset Ventures, G2, and other previous seed investors.
The Series A round significantly eclipses Belo's $3 million seed round raised in May 2022, underscoring the rapid growth of digital assets in Latin America and investors' aggressive positioning for the region's predicted crypto market expansion. Belo plans to deploy the fresh capital to enter six new key markets: Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay. In Brazil, where the platform is already operational, Belo will seek to boost adoption among freelancers, remote workers, and users navigating multi-currency environments.
Three Years of Profitability Fuel Expansion Ambitions
Manuel Beaudroit, CEO of Belo, stated: “We entered this round with three years of profitable operations and a product that people use in their daily lives. 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.”
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 overcome economic challenges. 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.”
LatAm Crypto: A Strategic Arena for Stablecoin Players
Latin America has become a hotbed for crypto adoption, driven by high inflation, currency volatility, and a large unbanked population. Tether has been aggressively investing in the region, backing a range of fintech and crypto companies. Belo’s services include crypto savings, remittances, and fiat on/off ramps, which are particularly valuable in Argentina, where annual inflation has exceeded 100% in recent years.
The $14 million injection will allow Belo to deepen its product offering and expand its team. With Tether’s backing, Belo is poised to become one of the leading crypto service providers in the region. However, the regulatory environment remains dynamic. Argentina’s securities regulator recently blocked operations of the peso-pegged stablecoin argt, classifying it as a security. Belo’s established track record of compliance and profitability positions it favorably amidst such regulatory uncertainty.
This investment marks another milestone for Tether’s venture arm, which has been actively deploying capital into companies that build practical crypto solutions for everyday users. As Belo scales across six more countries, it will compete with incumbents like Bitso and Lemon Cash, but its focus on freelancers and multi-currency services provides a distinct niche.