BitPagos, a company that claims to empowering small businesses to broaden their customer base to a global scale, has announced that it has acquired Unisend Argentina, the country’s first order-book exchange, as part of an undisclosed deal for cash and equity. From the latest acquisition it appears, the company is willing to expand further to new regions.
As BitPagos promises that it is leveraging new developments in payments technology to reduce fees and facilitate faster, simpler, safer transactions with customers around the world, the deals like these are definitely the part of the plan. The reports claim that the announcement follows the sale of the exchange subsidiary Unisend Mexico, and BitPagos’ $1.18m funding round finalized last September.
Talking about the latest acquisition CEO Sebastian Serrano explained that it will provide BitPagos with a third product offering to complement its existing payment processing service and Ripio, its wallet and brokerage offering. Nonetheless, the company has always been looking for avenues and opportunities to expand to the new regions and this is part of the plan.
Elaborating further the deal Serrano was quoted saying that the company wants to build the access to Bitcoin across Latin America and it thought that part of building that access is building liquidity. He further added that it was the next step to start exposing the liquidity generated by merchant services and the consumer side to the market.
The Acquisition Will Provide Additional Source of Income
Elaborating the rationale behind the deal, Serrano also said that the exchange will help BitPagos market the liquidity it receives from its Bitcoin-accepting merchants. He is of the view that while Unisend has faced issues with Argentinean banks in the past, the service are unlikely to experience interruptions.
The reports coming from the company inform that whereas the exchange service is currently operating under the Unisend branding, with the service charging 2% for deposit and 0.6% for trades, members of the Unisend leadership, will move on to other ventures following the sale. The blog from the company claims that the deal is to cash in on the Bitcoin market in Argentina.
The company claims that the levels of adoption of virtual currency in recent years in Argentina shows that the emerging countries have become key points for the development of Bitcoin technology. This local and regional context, acquiring Unisend and its next integration platform BitPagos will bring with it a significant increase in transaction levels in Bitcoins.
To contact the reporter of this story: Deepak Tiwari at email@example.com