More international firms are turning to Argentina to invest in the digital assets industry. Lemon, a leading cryptocurrency exchange in Argentina, has closed its Series B funding round, raising $20 million to support its expansion program across Latam.

The round, led by F-Prime and ParaFi, two U.S.-based funds, signals the positive vision that international investors have on the growth of the crypto ecosystem in the region.

DRW Venture Capital, Endeavor Catalyst, VanEck VC, Persea VC, Alumni Ventures, Lambda Class, and Aave’s founder, Stani Kulechov, also participated in the round, which Lemon claims is the first large round for a crypto company in the region during the last 3 years.

The exchange, which serves over 5 million users, will leverage these funds to expand its footprint in Latam, aiming to start operations in Colombia, Mexico, and Chile, and return to markets like Brazil.

The company has experienced significant growth in Peru, acquiring over a million customers and issuing over 150k credit cards in a year, showing the capacity to adapt to a new compliance environment quickly.

Marcelo Cavazzoli, founder and CEO of Lemon, reflected on the relevance of this move and how it might help future customers in the region.

He stated:

We’re going to be the most widely distributed crypto platform on the continent, and that prepares us to bring the future of the internet to millions of people across Latam.

Lemon’s funding round is announced as Argentina recovers its visibility as a feasible destination for investment capital. Takenos, another Argentina-based wallet focused on stablecoin remittances and payments, also raised $5 million in a recently closed funding round, underscoring the relevance of these solutions for international investors.

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