$60 Million Boost for Crypto Payments
In a stunning turn of events for the Latin American fintech scene, Tribal Credit just snagged $60 million in an oversubscribed investment round. No, that’s not a typo. That’s one hefty sum! This financial windfall is expected to supercharge the company’s already impressive strategies across the region, where blockchain-based cross-border payments are the new kid on the block.
Backed by Heavy Hitters
The funding round was led by the SoftBank Latin America Fund—yes, the same SoftBank that’s got a finger in just about every fintech pie out there. Other participants included the likes of Coinbase Ventures and several venture firms like BECO Capital and QED Investors. Talk about a dream team for the crypto-scene!
Building Local Teams, One Coffee at a Time
What’s the plan for all that sweet cash? Tribal aims to establish local teams in major hotspots like Brazil, Mexico, Colombia, Peru, and Chile. If anyone thought they could just sit back and enjoy the ride, think again! These teams will be key for fostering relationships and figuring out the paint-by-numbers for local markets.
Stellar Partnerships and Coin-collaboration
Adding some sparkle to their repertoire, Tribal has already teamed up with the Stellar Development Foundation and Bitso. In a bold move, they’re allowing business owners in Mexico to pay in pesos while U.S. counterparts receive dollars. It’s like a financial dance, and everyone’s got a partner!
Latin America: A Crypto’s Paradise?
Latin America isn’t just dabbling in crypto; it’s diving head-first into the deep end! Countries like El Salvador have jumped on the bandwagon, recognizing Bitcoin as legal tender. With Brazil boasting a whopping 10 million crypto enthusiasts, it’s clear that this is not merely a passing trend. It begs the question: will we one day see a crypto capital in the region?
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