Last week we acquired SeSocio, an Argentina-based personal finance company accelerating crypto adoption across Latin America. The deal marks our largest acquisition to date, and we welcome their 100+ employees to accelerate our footprint and growth across the region.
Founded 4.5 years ago in Buenos Aires, SeSocio’s mission is to democratize finance for people throughout South America. Their business spans Argentina, Chile, México, Perú, and Colombia and has onboarded millions into crypto. Combined with our large user base in countries like Brazil and Mexico, there is a tremendous opportunity to drive adoption of crypto in the region by working together.
This follows the news we shared in June, that we moved our US HQ from New York to Miami, not just because of the explosive growth of the crypto scene, but because of its status as the crossroads for finance between North and South America. There are several reasons why we’re excited to invest in Latin American market expansion:
- No country controls a reserve currency like the USD or Euro, so everyone generally understands the value of storing wealth outside of their country’s fiat currency.
- The political landscape means a lot of people are open to crypto — where math and decentralized communities overcome politics.
- Without full credit card penetration, there’s an opportunity for a mobile financial app built on crypto rails to be the first financial product for most people.
- Most adults have seen countries like Brazil print a new fiat currency within their lifetimes.