Blockchain.com, a platform for holding, using and managing crypto assets, as well as exploring cryptocurrency transactions, acquired SeSocio, one of the largest crypto companies in Argentina and one of the most prolific in Latin America.
The purchase operation was made for US$120 million, making it the company’s largest transaction to date. The aim is to increase its presence in the continent. Blockchain.com will incorporate the 100 professionals who are now part of SeSocio, which will expand its regional team to 400 people in total. Following this, the focus will be facilitating access to Blockchain.com’s influence and global reach for unbanked, underbanked and cryptocurrency adopter customers.
With this purchase, Blockchain.com will become the largest company in Latin America in the crypto sector. It has also positioned itself as the number one in the cryptocurrency market in Argentina, Brazil, Chile, Colombia and Mexico. Apparently, the company plans to have a physical presence in the countries by opening local offices with qualified personnel.
Peter Smith, CEO of Blockchain.com, said that Latin America offers one of the biggest opportunities for growth in crypto assets over the next decade. And added: “Millions have already seen inflation at its worst, new currencies emerge from nowhere and have experienced political instability, creating a favorable environment for cryptocurrencies. With the SeSocio team, our goal is to give all Latin Americans access to a global platform for trading cryptocurrencies.”
With more than 200 million unbanked people in Latin America, digital assets provide easy and secure access to financial services. In addition, the concept of storing capital outside of a country’s fiat currency is well understood on the continent.
“We are very proud of what we have been able to build in the Latin American market and the growth we achieved as a business so far,” said Guido Quaranta, CEO and Co-Founder of SeSocio. “I am confident that SeSocio will thrive in this next chapter of our journey. Together with Blockchain.com, we will pioneer a new era of mass access to the crypto world in Latin America and beyond.”