Koibanx

About Koibanx

Koibanx, established in 2015 by co-founders Leo Elduayen (CEO), has positioned itself as a key player in the Latin American blockchain financial sector. Elduayen, a lawyer with a background in digital and decentralized economies, including a Master's in Economic Law and experience co-founding other tech ventures, identified the potential for blockchain to overhaul the region's financial infrastructure. This vision led to the creation of Koibanx, a company dedicated to providing blockchain-based financial products and tokenization services.

The firm's core business revolves around tokenizing financial assets, enabling banks and financial institutions to make their operations more efficient, secure, and accessible. Koibanx offers a platform that facilitates the tokenization of a wide range of assets, including currencies, commodities, and securities. This process transforms real-world assets into digital tokens on a blockchain, which streamlines transactions, reduces costs, and enhances security. The company's technology is leveraged for cross-border payments, digital wallets, and clearing and settlement services, primarily serving the financial sector across Latin America. For instance, the company has worked on enabling NFT ticketing for sporting events and developing national blockchain-based payment systems. A significant milestone was the deployment of El Salvador's national blockchain infrastructure, built on the Algorand network, which underpins the Chivo wallet and other government services.

Koibanx operates on a business-to-business (B2B) and business-to-government (B2G) model, generating revenue by providing its tokenization platform and related services to financial entities and governments. The company has secured notable funding to fuel its expansion, including a $22 million Series A round in 2022, led by Block.one and with participation from major investors like Algorand, Borderless Capital, and Kalonia Venture Partners. This capital has been earmarked for expanding its operations in Central America and the Caribbean, as well as developing new products like security token offerings.