Blockchain.com acquires SeSocio to strengthen its presence in Latin America

The large crypto wallet and data service Blockchain.com is expanding in Latin America through the acquisition of SeSocio, a large cryptocurrency company based in Argentina.

SeSocio, one of the largest investment platforms in Latin America, will now merge with Blockchain.com to help them scale their operations across the region, the company officially announced on November 11th.

As part of the acquisition, 100 SeSocio employees will move to Blockchain.com, immediately increasing the global workforce to 400.

Together, the companies will focus on providing crypto-enabled financial services to non-bank and non-bank banks not only in Argentina but also in other countries where Blockchain.com operates, including Brazil, Chile, Colombia and Mexico. The UK-based company is also currently planning to build a physical presence in countries by opening offices and hiring local talent.

The companies did not provide any information about the amount of the buyback. According to the announcement, SeSocio is the “largest acquisition to date” by Blockchain.com. Blockchain.com did not immediately respond to Cointelegraph’s request for comment.

Founded in 2017 by Guido Quaranta and Gastón Krasny, SeSocio is a personal finance application that allows users to buy, hold and manage their investments, including crypto investments. According to the company’s website, SeSocio supports more than 45 cryptocurrencies such as Bitcoin (ETH) and Ether (ETH). According to online sources, the company has raised more than $ 11 million in multiple funding rounds.

According to Peter Smith, CEO of Blockchain.com, Latin America offers “one of the greatest growth opportunities in the next decade”. “Millions of people have seen the worst inflation, new currencies emerge in thin air and experience political uncertainty – which creates a favorable environment for money,” he noted.

Related: According to the CEO of Uphold, Latin America benefits the most from cryptocurrencies

This acquisition is in line with Blockchain.com’s global expansion ambitions after acquiring companies like artificial intelligence company AiX earlier this year. Originally launched as a blockchain data source in 2011, Blockchain.com is one of the largest players in the crypto industry, valued at $ 5.2 billion. The company has secured extensive funding over several rounds this year, including a $ 300 million raise in March and a $ 120 million round in February.