Koibanx, a Latin American asset tokenization company, raised a $22 million Series A funding round, the company said Thursday.
The investment round was led by blockchain protocol Algorand Inc. and included the participation of Borderless Capital, Kalonia Venture Partners, G2 and Innogen Capital, among others.
Funds will be used to provide blockchain infrastructure and build payment rails for financial institutions expanding operations in Central America, the company said.
“We want to remain at the forefront of redefining Latin America's financial system. A blockchain-based financial system inevitably results in faster, scalable and programmable financial products that will grant access to a broader segment of the population that is currently underserved,” Koibanx CEO Leo Elduayen said in a statement.
The company also plans to launch a beta version of a low-code platform in December to allow developers to create financial products on the blockchain, with the aim of reaching 10,000...
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