Joseph Young

Joseph Young

Joseph is a web developer and designer, writer and a passionate musician who loves to travel. He has worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines.

September 16, 2015
Op Ed

BitPagos Acquires Argentinian Bitcoin Exchange Unisend

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  3. BitPagos Acquires Argentinian Bitcoin Exchange Unisend
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Latin American bitcoin merchant payment processor BitPagos has acquired Argentinian bitcoin exchange Unisend, to provide bitcoin exchange and trading services on its bitcoin purchasing platform Gravel.

BitPagos launched Gravel in August 2014 to enable its users to purchase bitcoin at more than 8,000 Argentinian convenience stores. During that time, BitPagos CEO Sebastian Serraon told Coindesk, “You can go to any location, give them your account in Ripio and the amount of pesos you want to get in bitcoins. Boom: You have some bitcoins.”

The acquisition of Unisend will allow the company to operate a fully operated bitcoin exchange on Gravel. “The big change is that … users of the platform will have a new online exchange market in Argentine pesos and bitcoins, connecting immediately offers for buyers and sellers,” the BitPagos team announced in a press release.

BitPagos empowers small businesses and online merchants to process and facilitate simpler transactions internationally. The company believes that easy-to-use bitcoin exchange platforms could be the main factor that affects the growth of the Argentinian bitcoin industry.

“The acquisition of Unisend and the integration of BitPagos onto the Unisend bitcoin exchange platform will result a significant increase in bitcoin transactions, promoting and strengthening the Latin American and Argentinian bitcoin network,” the BitPagos team announced.

BitPagos raised $600,000 in a seed funding round led by Pantera Capital, Tim Draper, Barry Silber and Boost VC in 2014, to boost bitcoin use in South America. At the time, BitPagos processed around $150,000 per month on average. With the acquisition of Unisend, the company hopes to process around $1 million per month.