Digital Currency Group Invests in a Chilean Exchange

News and Analysis

Barry Silbert’s Digital Currency Group joined the ranks of Chilean bitcoin exchange SurBTC’s investors. The move expands the group’s presence in the world’s key markets.

Apart from DCG, investing in SurBTC were Sauzalito Ventures and founder of local law firm Barros & Errazuriz, Fernando Barros. Earlier reports stated that government-backed innovation incubator CorporaciĂłn de Fomento de la ProducciĂłn de Chile also invested in the exchange. Overall, SurBTC has raised around $400,000 at the moment.

Concerning the deal, DCG tweeted:

According to SurBTC founder and CEO Guillermo Torrealba, the company sees bitcoin as a method for providing South Americans with a more high-quality access to financial resources.

We are convinced that this is the technology that will finally help millions of South American people, who are still unbanked, to be able to send money to their relatives abroad, buy online or simply get paid in something else other than hard cash,” he said as quoted by CoinDesk.

The exchange intends to use the raised funds to develop products and services primarily targeted at those not understanding the bitcoin-related technologies. International remittances, exchange liquidity increase, and new market development are also included in the exchange’s goals.

In his recent interview, DCG’s founder and CEO Barry Silbert said:

“To be a more efficient, faster and cheaper way to send money around the world, you have to be able to get in and out of Bitcoin, you need to have a liquid exchange on either end of the corridor.”

For that reason, the company focuses on investment around the globe. The Digital Currency Group has already supported 15 exchanges in different countries. Now included in the company’s portfolio is Chile with population of 18 million as of 2015.

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