Blockchain.com buys Latin American crypto company

Blockchain.com, the exchange and cryptocurrency wallet provider, announced the acquisition of the Argentine crypto company SeSocio to expand its presence in Latin America.

The terms of the deal were not disclosed, but Blockchain.com called it “the largest acquisition to date”.

The blockchain platform founded in 2017 in Buenos Aires, SeSocio, enables users to invest in cryptocurrencies and provides access to the DeFi ecosystem. As of writing, its site is already operating under the Blockchain.com logo.

One hundred employees of the Argentine firm will join the exchange’s team, bringing its total headcount to 400.

Blockchain.com also plans to open offices in Argentina, Brazil, Chile, Colombia and Mexico.  

“Latin America presents one of the biggest opportunities for growth in the crypto industry over the coming decade. Millions have faced severe inflation, new fiat currencies have appeared from nowhere, and political instability has been evident. All of this has created a favourable environment for cryptocurrencies,” said Peter Smith, CEO of Blockchain.com.

The company said it would continue to pursue strategic growth, including through acquisitions. Earlier, Blockchain.com bought the AI-solutions provider for over-the-counter trading, Artificial Intelligence Exchange, the Magic Carpet investment firm and the startup Storm.

Earlier in March, Blockchain.com raised $300 million in a Series C funding round, valuing the company at $5.2 billion.

During the round Baillie Gifford invested $100 million into the company. The Scottish firm, known as one of the early investors in Google, Tesla and Airbnb, became Blockchain.com’s largest external shareholder.