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Blockchain.com is looking to solidify its visibility in the South American region and has incorporated SeSocio to do that.
As part of a bigger plan to expand its presence in Latin America, leading financial services company Blockchain.com has acquired SeSocio. The latter is a respectable crypto company based in Argentina, with a presence in Spain, Peru, Chile, Colombia, and Mexico. These countries are some of the regions that Blockchain.com is looking to penetrate via the acquisition. The company also wants offices in Argentina and Brazil, South America’s largest countries by land area.
Blockchain.com issued a statement regarding the deal on Tuesday:
“With its largest acquisition to date, Blockchain.com accelerates its rapidly growing footprint across Latin America, armed with a team committed to crypto adoption across the continent.”
Although the amount of the acquisition was not revealed in the official publication, a report specified the sale sum as $100 million. Meanwhile, other sources simply suggested that the acquisition represents Blockchain.com’s most prominent acquisition so far.
In addition, pursuant to the deal, SeSocio 100 employees will immediately join Blockchain.com, increasing the company’s global headcount to 400. Furthermore, Blockchain.com also intends to bring job opportunities to the region by adding local talent to its workforce.
Both CEOs of Blockchain.com and SeSocio Express Optimism at the New Development
Blockchain.com stated that this expansion will focus on providing better access to crypto-related financial services for the region’s unbanked and underbanked customers. Peter Smith, chief executive officer at Blockchain.com, intimated that the South American continent presented a veritable breeding ground for numerous crypto-centric opportunities. In his own words:
“Latin America presents one of the largest growth opportunities in crypto over the coming decade. Millions have already seen inflation at its worst, new currencies emerge out of thin air, and experienced political instability – creating a favorable environment for crypto. With the SeSocio team, we aim to provide every Latin American with access to a global crypto platform.”
According to Blockchain.com, crypto offers a safe and easily accessible gateway to other financial services. The platform also believes that this is effective for those who find it difficult to pay for everyday services. Some of these services include e-commerce purchases and subscriptions.
SeSocio co-founder and chief executive officer Guido Quaranta also weighed in on his company’s merger with Blockchain.com. Quaranta extolled SeSocio’s efforts in building the Latin American market. He also described his company’s internal growth as commendable and expressed optimism at collaborating with Blockchain.com.
Quaranta founded SeSocio with Gastón Krasny back in 2017 as a personal finance application. Part of its services includes providing users with an avenue to buy, sell, hold and manage their investments – crypto investments included. The company’s website lists more than 45 supported digital currencies, including Bitcoin (BTC) and Ethereum (ETH). Furthermore, media reports state that SeSocio has so far raised over $11 million in multiple funding rounds.