Share this article
Blockchain Protocol Algorand Leads $22M Investment Round in Tokenization Firm Koibanx
The funds will be used by the Latin American firm to expand infrastructure and build payment rails.
Updated May 11, 2023, 4:16 p.m. Published Aug 18, 2022, 7:03 p.m.
Koibanx, a Latin American asset tokenization company, raised a $22 million Series A funding round, the company said Thursday.
The investment round was led by blockchain protocol Algorand Inc. and included the participation of Borderless Capital, Kalonia Venture Partners, G2 and Innogen Capital, among others.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Funds will be used to provide blockchain infrastructure and build payment rails for financial institutions expanding operations in Central America, the company said.
“We want to remain at the forefront of redefining Latin America's financial system. A blockchain-based financial system inevitably results in faster, scalable and programmable financial products that will grant access to a broader segment of the population that is currently underserved,” Koibanx CEO Leo Elduayen said in a statement.
The company also plans to launch a beta version of a low-code platform in December to allow developers to create financial products on the blockchain, with the aim of reaching 10,000 developers by the end of 2023. The platform will include tokenization functions and integrations with crypto liquidity pools and exchanges, among other features.
The company, founded in 2015, has 70 employees in offices located in Mexico, Colombia, El Salvador, Argentina and Uruguay. It plans to open operations in Panama, Paraguay, Guatemala and Honduras in the next 18 months.
In August 2021, Koibanx signed an agreement with El Salvador’s government to develop the country’s blockchain infrastructure on top of the Algorand blockchain. It also enabled the Lightning Network payments on the state-run bitcoin wallet Chivo.
Read more: Algorand CEO Steven Kokinos Departs, Interim Replacement Named
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
USDC Issuer Circle Secures Abu Dhabi's ADGM License in Middle East Expansion
The license allows Circle to expand USDC payment and settlement tools across the United Arab Emirates.
What to know:
- Circle has obtained a Financial Services Permission license from Abu Dhabi Global Market, allowing it to operate as a Money Services Provider in the UAE.
- The stablecoin issuer has appointed Dr. Saeeda Jaffar, former manager at payments firm Visa.
- The approval comes as part of the UAE's emergence as a global hub for regulated digital assets, following similar licenses granted to Binance.
Top Stories
