As a global company, Blockchain.com is looking to establish its presence in Latin America through the acquisition of SeSocio. With this deal, Blockchain.com has made it more difficult for other companies that want a foothold on the region’s crypto market to compete with them financially and strategically.
Blockchain.com has acquired the Latin America company, SeSocio to cement their presence in the region. Blockchain.com plans to use this acquisition as a way of expanding their business and creating new opportunities for growth. Read more in detail here: blockchain bitcoin.
Blockchain.com, a prominent cryptocurrency wallet and data provider, has acquired SeSocio, a big crypto firm located in Argentina, as part of its Latin American expansion.
SeSocio, one of Latin America’s largest investment platforms, will now unite with Blockchain.com to assist them grow operations throughout the region, the company said Nov. 30.
As part of the deal, 100 SeSocio workers will join Blockchain.com, raising the total number of staff to 400.
The companies will work together to provide crypto-enabled financial services to the unbanked and underbanked in Argentina, as well as other countries where Blockchain.com operates, such as Brazil, Chile, Colombia, and Mexico. The firm, which is located in the United Kingdom, is also looking to establish a physical presence in the nations by creating offices and employing local talent.
The purchase price was not disclosed by the firms. SeSocio is Blockchain.com’s “biggest purchase to date,” according to the release. Cointelegraph reached out to Blockchain.com for comment, but they did not react right away.
SeSocio is a personal financial app founded by Guido Quaranta and Gastón Krasny in 2017 that enables users to purchase, hold, and manage their assets, including crypto investments. SeSocio supports approximately 45 cryptocurrencies, including Bitcoin (ETH) and Ether (ETH), according to the company’s website (ETH). According to internet sources, the company has received over $11 million in numerous fundraising rounds.
Latin America offers “one of the greatest growth potential over the future decade,” according to Blockchain.com CEO Peter Smith. “Millions have already witnessed the worst of inflation, new currencies appear out of nowhere, and political instability – creating a perfect climate for crypto,” he said.
Related: According to Uphold CEO, Latin America stands to profit the most from cryptocurrency.
The purchase fits in with Blockchain.com’s worldwide development plans, which began earlier this year with the acquisition of artificial intelligence startup AiX. Blockchain.com, which began as a blockchain data source in 2011, is now one of the biggest firms in the crypto sector, with a market capitalization of $5.2 billion. This year, the company raised significant funds in numerous rounds, including a $300 million investment in March and a $120 million round in February.
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