Blockchain.com has purchased SeSocio, an Argentine crypto investing platform. While the exact purchase agreement has not been made public, individuals close to the situation believe the transaction is for hundreds of millions of dollars.
The announcement stated that the deal marks the company’s largest acquisition to date and expands its ambitions in South America. SeSocio is reportedly one of the largest cryptocurrency businesses in Latin America, offering crypto savings and asset management services.
As part of the deal, Blockchain.com will assimilate SeSocio’s workforce as the former plans to open up brick-and-mortar outlets in several South American nations including Argentina, Brazil, and Colombia. According to the announcement, Blockchain.com’s global workforce will grow to 400 employees following the acquisition.
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Blockchain.com says it plans to leverage SeSocio’s existing business network to offer easy access to crypto savings and investment products to customers in South America. Data from the company’s website shows almost 80 million unique Blockchain.com wallets as of November 30.
In March, the company completed a $300 million Series C funding round to push its valuation to $5.2 billion.
Written by Osato Avan-Nomayo