Home / Capital & Crypto / Chilean Bitcoin Exchange SurBTC Secures $300,000 Investment, Will Address Remittance Market

Chilean Bitcoin Exchange SurBTC Secures $300,000 Investment, Will Address Remittance Market

Last Updated March 4, 2021 4:46 PM
Lester Coleman
Last Updated March 4, 2021 4:46 PM

SurBTC.com, Chile’s largest bitcoin exchange, recently secured a $300,000 USD investment which will allow the company to improve its customer experience and serve the remittance market in addition to other services, the company announced. The investors include Digital Currency Group (DCG), which has funded more than 60 bitcoin companies in 25 countries.

The new investment, which complements $100,000 from Corfo, a Chilean government fund, will help SurBTC consolidate its market position in Chile, provide more liquidity to the Chilean bitcoin market and enhance its web platform. SurBTC will evaluate expanding into other Latin American countries.

Barry Silbert Impressed

“We are impressed by the relationship SurBTC maintained with some Chilean government institutions as well as the role that bitcoin could have on the industry commodity exports,” said Barry Silbert, founder and CEO of DCG. He said DCG is also impressed by SurBTC’s relationships with regulators.

“I am convinced that SurBTC be a key member of the international portfolio of bitcoin exchanges where DCG involved, and an important partner for remittance companies worldwide.”

Guillermo Torrealba, founder and CEO of SurBTC, said having investors like Silbert in addition to the support from major Chilean businessmen encourages the company to continue to seek bitcoin legitimization in Chile.

Focus: Service, Remittances

The company will invest in improving its web exchange platform which enables the buying and selling of BTC with Chilean pesos, along with sending remittances to China in minutes, with commissions close to 1%.

In addition to allowing people to buy and sell bitcoins easily and reliably, the company is innovating new uses for the technology as global money transfers use BTC as an invisible tool. “We believe that this technology will help finally to add to the millions of Chileans who today remain outside the banks, which today cannot send money to a relative abroad or not have the ability to shop online,” he said.

The company launched in 2015 with backing from Corfo, a government organization that seeks to improve the country’s competitiveness and diversity by encouraging investment, innovation and entrepreneurship.

According to the company’s website, SurBTC uses its trading infrastructure to provide banking to the unbanked and offer bitcoin services like global money transfers, currency and commodity investments and a wallet.

The exchange has not yet listed on coinmarketcap.com, which lists bitcoin exchange capitalizations.

Also read: Chile’s first BTC exchange sets up donation program for earthquake & tsunami relief

Chile Warms To Bitcoin

According to coinmap.org, there are businesses throughout Chile that accept bitcoin, clustered mainly in Valparaiso and Santiago.

Chile borders Argentina, where bitcoin has reportedly grown rapidly in the last year on account of strict government-imposed capital control and high inflation.

During the September Chilean earthquake, SurBTC offered to convert donated bitcoins into pesos, CCN.com reported. SurBTC opened an account in which every bitcoin was to be traded for pesos to help the country, according to Torrealba. He said the money would be given to Chile Ayuda, a Chilean aid organization.

Featured image from Shutterstock.