According to the announcement, this is Blockchain.com’s “largest acquisition to date,” although it did not disclose the amount.
With its acquisition of one of the largest cryptocurrency businesses in Latin America, Blockchain.com plans to accelerate its growth and drive crypto adoption in the region.
Founded in 2011 as a blockchain data source, Blockchain.com has made four acquisitions to date. According to its Crunchbase profile, it has secured about $490 million in several funding rounds. The crypto company has processed over $1 trillion in crypto transactions and has about 37 million verified users across more than 200 countries.
Blockchain.com’s Largest Acquisition To Date
Blockchain.com already offers crypto services in Argentina, Brazil, Chile, Colombia, and Mexico. But with this acquisition, it plans to build on SeSocio’s existing network to drive its growth and make crypto more accessible.
“Latin America presents one of the largest growth opportunities in crypto over the coming decade,” said Peter Smith, Blockchain.com CEO. “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.”
The UK-based company also plans to open physical offices in these countries and hire local talent.
As part of the deal, SeSocio’s 100 employees will join Blockchain.com. This addition will increase Blockchain.com’s global workforce to 400 employees.
SeSocio is a personal finance company that allows users to trade over 45 cryptocurrencies. The company raised over $11 million across a number of funding rounds. It was founded in 2017 by Guido Quaranta and Gastón Krasny.
Total crypto market at $2.556 Trillion | Source: Crypto Total Market Cap from TradingView.com
“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 Quaranta. “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.”
Blockchain.com Continues Global Expansion
The SeSocio acquisition is Blockchain.com’s latest global expansion move. Earlier this year, the company acquired artificial intelligence firm AiX, machine learning investment firm Magic Carpet, and consumer startup Storm Inc.
The crypto company is also expanding crypto access across the United States. It has launched its services in various US states. And last month, it added Georgia to the list.
Featured image by istockphoto.com, Chart from TradingView.com