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Magma Partners and ConsenSys Ventures Make US$600k Investment in Chilean Fintech CryptoMarket

20 July 2018

Magma Partners and ConsenSys Ventures made a US$600k investment in Chilean fintech CryptoMarket.

(LatAm List) The Chilean Fintech company CryptoMarket announced that it had closed its first round of funding for US$600,000 led by ConsenSys Ventures, a US fund specializing in investment in emerging high-impact tech companies created by a co-founder of Ethereum and Magma Partners, a US and Latin American venture capital fund.

“This investment is recognition of the work our team has done in Latin America; our vision is to innovate using the most advanced technologies in a simple way, focusing on solving problems that are part of the daily challenges for people and companies,” said Martín Jofré, CEO, and cofounder of CryptoMarket.

The platform which operates in Argentina, Brazil, Chile and the Euro Zone, integrates cryptocurrency technology in various areas. One of the solutions, CryptoCompra, allows businesses to easily incorporate cryptocurrencies as an additional means of payment with significantly lower commissions than traditional payment systems.

“This funding consolidates our proposal and allows us to work on significant improvements in our products and services, enabling us to further expand our vision of creating a new, more efficient and inclusive economy through the use of technology.” said Rafael Meruane, CTO, and cofounder of CryptoMarket.

“It’s very important for us to invest into companies that both embody the ethos of decentralization while also pushing the Ethereum ecosystem forward. In this crop of investments, you can see projects that represent the globalization of financial systems on blockchain, including Cryptomarket, our first investment within Latin America,” added Kavita Gupta.

“By using better technology, Fintech companies will have a very important role in delivering services to Latin American countries that do not have real access to payment services. Due to its low costs, simplicity of use and quality services, CryptoMarket is one of the actors that is leading the way.” Mentioned Nathan Lustig, Manager Partner of Magma Partner.

Founded in 2016 by Rafael Meruane and Martín Jofré, CryptoMarket is one of Latin America’s leading Cryptocurrency exchanges platforms. With operations in Argentina, Brazil, Chile and Euro Zone, the company’s objective is to promote financial inclusion through Blockchain technology. Today CryptoMarket has already more than 150.000 users and more than US$70M in transactions.

CryptoMarket joins as Chilean crypto exchanges that have expanded throughout the region.