2023-08-11 20:48:41
Koibanx already accounts for more than $1 billion in tokenized assets. The company presents a map of trends where technology together with blockchain developments will change the experiences of users in their financial transactions.
Photo: Koinbanx.
San Salvador. The transformation of the financial system is celebrated year after year. The new technologies, blockchain and web3, among others, caused structural changes in traditional entities such as banks and governments, and in turn allowed the emergence of new companies capable of providing solutions for the new challenges presented by the markets and the new generations of consumers.
In this sense, Koibanx, a company that is celebrating eight years offering solutions based on blockchain technology and asset tokenization for the financial system in Latam, accounts for this evolution and growth.
Today they account for more than 1,000 million dollars of tokenized assets in different Blockchain protocols, working with eight on-chain banks throughout the region, with clients such as Banco Abank, Banco Atlántida and Banco Davivienda Casa Matriz in El Salvador, to name a few. . Furthermore, in 2021 the government of El Salvador chose Koibanx to implement not only the entire Lightning Network payment system for Chivo Wallet, but also to build the banking connections and the national registry system on top of the Algorand Blockchain.
“The market and finance have evolved, blockchain technology is in a maturation stage in which the incumbents of the financial sector are embarking on understanding how they can innovate with these solutions, now the time has come for collaboration and it is already beginning to be noticed. the integration of the best of both worlds with banks and technology companies operating under the guarantees of the regulatory framework. It is time to understand the potential of uniting traditional finance with innovation. This is the path that will make it possible to really boost the economy and generate greater financial inclusion”, says Leo Elduayen, CEO and Cofounder.
Technology together with blockchain developments are expected to change the experience of people in their financial transactions:
The three trends for next year are the interoperability, which, in payment rails or transactional rails, is something that, also pushed by Open Finance regulations, is gaining more and more weight. There is a growing trend where we will see money and account balances become interoperable between financial institutions and their products. Mexico was a pioneer on this topic, Argentina followed. We see that El Salvador and Colombia began to do so as well.
The Tokenization of the real economy. The economy will become more dynamic and investments and transactions will be diversified thanks to the possibilities already offered by the tokenization of goods and services such as real estate, works of art, raw materials, energy, etc. In addition, this reduces costs and increases the efficiency of transactions, which will facilitate the commercialization of illiquid assets and access to larger investors. The concept of “programmed money” will be used frequently. One possible use, for example, would be tokenizing the rent of a property through a smart contract or paying in a store through a QR code.
Finally, the crypto acceptance + multiple payment channels: Initially, the card was the payment or value transfer channel par excellence, today it is being complemented and made compatible with account-to-account transfers, from chatbots, a mobile or web app. Wallets began to shape it, but it has even evolved into contactless payments or QR payments.
In a changing market for fintechs and technological entrepreneurs within the crypto and blockchain ecosystem, Koibanx positioned itself as a leading company in the region through three rounds of financing, in the most recent one it raised almost 20 million dollars. Also, the size of the company grew to almost 80 employees with offices in 4 countries.
The company has a presence in Argentina, Colombia, El Salvador, Uruguay and Mexico with a view to expanding to the rest of Central America, focused on enabling the tokenization of financial assets. It also plans to gradually open up its APIs in late 2023/early 2024, to allow easy tokenization for all developers without having to acquire web3 development skills.
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