Koibanx, a Latin America-focused asset tokenization startup, has raised $22 million in its Series A funding round led by blockchain protocol Algorand Inc., with participation from others.
- The fund will be used to provide blockchain infrastructure and build payment rails for financial institutions expanding operations in Central America, the company claims.
- Founded in 2015, Koibanx is using blockchain to improve the financial system in Latin America to achieve faster, scalable, and programmable financial products that will enable access for the underserved in the region.
- It aims to launch a beta version of a low-code platform in December to enable developers to create financial products on the blockchain; targeting up to 10,000 developers by the end of 2023.
- The blockchain-based company currently operates in Mexico, Colombia, El Salvador, Argentina, and Uruguay and plans to launch in Panama, Paraguay, Guatemala, and Honduras in the next 18 months.
- Borderless Capital, Kalonia Venture Partners, G2 and Innogen Capital among others invested in the round.