The fintech Prex announced the incorporation of Banco Itaú Unibanco, as its new shareholder with a 30% stake in the company. According to the company, it is a “strategic and long-term investment, as part of its vision of expansion and digital banking in the region.” This is a boost for crypto adoption in the markets where Prex operates (mainly Latin America). This was reported to Cointelegraph en Español, with a statement.
Through its association with Paxos Trust Company LLC, the fintech allows trading in different altcoins such as Litecoin and Bitcoin Cash and also in different DeFi protocols such as Aave, Chainlink or Uniswap.
“Incorporating Itaú as a shareholder will allow us to strengthen and accelerate our plans for growth, development of new products and regional expansion”, said Alfredo Bruce CEO of Prex. The fintech Prex has more than one million users and more than 250 thousand loans granted in Argentina, Peru and Uruguay.
According to data from the Argentine Chamber of Fintech (2021), there are more than 8 million users of virtual wallets in the country, while in its latest financial inclusion report from the Central Bank of the Argentine Republic (June, 2021), it reported that the The use of retail electronic means of payment increased by 40% compared to the previous semester. Therefore, it is a not insignificant market for companies interested in crypto assets.
“We are going to contribute with our structure and capabilities to the growth of Prex to offer more people new opportunities to participate in the financial circuit. At Itaú we are convinced that this acquisition will consolidate our innovation ecosystem with our sights set on the region”, highlighted André Gailey, CEO of Banco Itaú for Argentina, Paraguay and Uruguay.
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