Blockchain.com Balloons With SeSocio Acquisition

Blockchain.com says it has become the largest cryptocurrency platform in Latin America following its acquisition of the Argentinian company SeSocio.

“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,” the company said in a news release Tuesday (Nov. 30).

Meanwhile, Blockchain.com says it plans to open offices in Argentina, Brazil, Colombia, Mexico and Chile, and will conduct local hiring. The company will add SeSocio’s 100 team members to its employee roles, bringing its total worldwide staff to 400.

Blockchain.com says this expansion will focus on providing better access to the region’s unbanked and underbanked customers.

“Latin America presents one of the largest growth opportunities in crypto over the coming decade,” Peter Smith, Blockchain.com CEO, said in the announcement. “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.”

Read more: Unbanked Segments Become Valuable Focus For Payments Companies

The company argues that crypto provides “safe and easy access” to financial services to the more than 200 million unbanked people in Latin America, allowing them to pay for everyday services such as eCommerce purchases and subscriptions.

“We’re extremely proud of what we’ve been able to build in the Latin America market and the growth we’ve seen as a business thus far,” said Guido Quaranta, SeSocio co-founder and CEO. “I am confident that SeSocio will thrive in this next chapter of our journey. Together with Blockchain.com, we will pioneer a new age of increased crypto accessibility in Latin America and beyond.”

Read more: Blockchain.com Acquires AiX

This acquisition follows May’s announcement that Blockchain.com would acquire AiX as part of an effort to expand its institutional offering.

AiX is the creator of an artificial intelligence-powered negotiation and matching engine used by institutional over-the-counter traders, and boasts team members who have worked for J.P. Morgan and Goldman Sachs.