Blockchain.com, a large cryptocurrency wallet and data service, is expanding in Latin America with the acquisition of SeSocio, a large crypto company based in Argentina.
SeSocio, one of Latin America’s largest investment platforms, is now teaming up with Blockchain.com to help them expand their business across the region, the company officially announced on November 30.
As part of the acquisition, 100 SeSocio employees will join Blockchain.com, bringing the global workforce to 400 immediately.
Together, the two companies will focus on providing cryptocurrency-supported financial services to non-bankers and non-bankers, not only in Argentina but also in other countries where Blockchain.com operates, including Brazil, Chile, Colombia and Mexico. The UK-based company plans to start a physical presence in the countries by opening offices and hiring local professionals.
The company did not disclose the amount of the acquisition. According to the announcement, SeSocio is “the largest acquisition of Blockchain.com to date.” Blockchain.com did not immediately respond to a request for comment from Cointelegraph.
SeSocio, founded in 2017 by Guido Caranta and Gaston Red, is a personal finance app that lets users buy, hold and manage their investments, including cryptocurrency investments. According to the company’s website, SeSocio supports more than 45 cryptocurrencies such as Bitcoin (ETH) and Ether (ETH). According to internet sources, the company has raised more than $ 11 million in several rounds of financing.
According to Peter Smith, CEO of Blockchain.com, Latin America has “one of the biggest growth opportunities of the next decade.” “Millions have already experienced the worst inflation, the emergence of new currencies out of thin air and political instability that creates a favorable environment for cryptocurrencies,” he said.
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The acquisition is in line with Blockchain.com’s global expansion ambitions after the company acquired such as artificial intelligence AiX earlier this year. Originally launched as a blockchain data source in 2011, Blockchain.com is one of the largest in the crypto industry, with a value of $ 5.2 billion. The company has secured significant financing in several rounds this year, including raising $ 300 million in March and $ 120 million in February.