Argentine banks take a chance on Blockchain and Koibanx

Koibanx, a pioneer startup in the development of solutions based on Blockchain technology, was one of the first picks of the Arfintech investment fund. The fund was created this year by the banks: Macro, Industrial, BST, Supervielle, San Juan, Valores, Columbia, and Piano. Arfintech wants to integrate  participants of the traditional financial system to the process of developing new technologies related to the “Fintech” sector, being its engines as sources of financing, promotion and training through a collaborative model.

The fund has a target size of US $ 5 million and is managed by Alejandro Estrada, renowned Fintech entrepreneur and Andrés Meta, innovative leader in the banking sector. In addition, NXTP Labs co-manages the investment process by interacting with the best practices of the entrepreneurial ecosystem.

In the first round of investment Arfintech invested in five companies. Koibanx is a regional company that develops integrated solutions for banks and governments based on Blockchain technology. Among its solutions, the development of payment or transactional systems and microfinance platforms are worth mentioning.

The use of Blockchain technology and smart contracts will allow banks not only to lower their operating costs but also to reach new sectors of the population, now unbanked, in an automated and scalable, transparent and secure way; thus allowing a more inclusive financial system.  “The processes of tokenization on Blockchain platforms is a technological evolutionary trend in the world that is making a lot of noise, and Arfintech plans to be part of that evolution by investing in Koibanx” expresses Alejandro Estrada.

Koibanx develops its solutions on the Blockchain of RSK Labs. RSK is the first Blockchain that allows the creation of smart contracts on top of the Bitcoin network, which makes it today the most secure programmable value transaction network on the planet.

From Koibanx, one of its co-founders and COO, Leo Elduayen, affirms that promotional actions like Arfintech’s are not only beneficial because they encourage the creation of capital, employment and the development of innovation at the local level, but they place the industry as pioneers in Latin America.

 

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