Latin American digital wallet platform Belo completes $14 million Series A funding, led by Tether
According to CoinDesk, Tether led a $14 million Series A funding round for the Latin American digital wallet platform Belo, which also included participation from Titan Fund, The Venture City, Mindset Ventures, and G2.Belo stated that it will use the new funds to expand into the markets of Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, and continue to strengthen its business presence in Brazil, focusing on serving freelancers, remote workers, and users involved in cross-border money transfers.Founded in 2021 and headquartered in Buenos Aires, Argentina, Belo currently has over 3 million Latin American users. Its product is a digital wallet based on cryptocurrency infrastructure, allowing users to hold and transfer local currencies and "digital dollars" (stablecoins).Reports indicate that stablecoins have rapidly gained popularity in emerging markets like Latin America in recent years, primarily used for hedging against inflation, cross-border remittances, and bypassing high-cost foreign exchange systems. Belo integrates payments, currency exchange, and cross-border transfers into a single application process, utilizing cryptocurrency infrastructure for backend settlement to reduce the costs and delays of cross-border transfers.