The Koibanx company announced a Series A investment round where it reached a collection of USD 22 million. Also, anticipates beta release of its first developer-focused end-user product in December. The announcement comes within the framework of the company’s seventh anniversary.
The investment round was led by Algorand, and featured the participation of strategic industry and market funds such as Borderless Capital, venture capital firm Kalonia Venture Partners, Mexican early-stage fund G2, Central American venture capital fund Innogen Capital, and a group of Syndicated senior executives from the banking and crypto industry such as Martin Kaplan (CEO of credit and debit card processing company Prisma), Diego Gutiérrez Zaldívar (Founder and CEO of IOV Labs) and Silvio Micali (Founder of Algorand). “The investment will be used to continue to provide blockchain infrastructure and further build the payment rails that enable traditional financial institutions to transform and expand their operations in Central America.”, stated the co-founder and CEO of Koibanx, Leo Elduayen.
The company is dedicated to providing asset tokenization services for financial entities and transferring them to the blockchain, fragmenting them, enabling their use as a means of payment, and exchanging them with each other and with cryptocurrencies. In recent years, Koibanx has worked alongside banks, governments and financial institutions. In September 2021, the government of El Salvador became the only country in the region to accept Bitcoin as legal tender, and Koibanx was in charge of implementing the payment system for its Chivo Wallet.. They are currently working with the Nigerian government on a similar implementation.
Additionally, by December of this year, the company plans to launch the beta version of its first product for end users focused on development and programming. It will be a low-code platform designed so that any developer can create financial products using blockchain without having to know how to program in depth on this technology. The platform will make tokenization features available to developers, as well as integrations including cryptocurrency liquidity pools, exchanges, credit and debit card processing connectors, and different regional e-money licensing frameworks.
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