The challenge of transforming the LATAM financial system: blockchain technology and new products for an expanding market



Koibanx, the pioneering fintech company in providing blockchain infrastructure in Latin America, was one of the protagonists of the historic 10th edition of Labitconf, where it offered two interesting workshops and a talk entitled “Learning to implement solutions in banks and governments” that was in charge of  Leo Elduayen, the CEO and Founder  of the company.

In addition, within the framework of its regional event, it announced that  in 2023 it will be the first in Latin America to work with a leading bank to replace its banking core with a 100% blockchain protocol, an unprecedented event in the region.

During the presentation on banking, integration with web 3.0 and the state of the current ecosystem,  Elduayen  assured that:

“The crypto world will end up with two options: on the one hand there will be decentralized exchanges, non-custodial wallets and Defi solutions, where there is a knowledgeable user who has full control of their assets. And on the other hand, there will be mass users who will choose to resort to regulated financial institutions who will integrate crypto into their value offer and offer them as one more product.” He also stated that “although it may seem unbelievable, it will be this sector that will end up generating the space for the massive adoption of crypto. The truth is that we cannot have more exchanges like FTX or Celsius, centralized, unregulated, with bad practices where people give them control, give them their money and they do what they want without any kind of regulation.”

Koibanx has been working for more than 7 years creating value for its clients by transforming the traditional financial rails of Latin America with blockchain technology, tokenizing assets, facilitating payments from financial institutions and providing products for governments, banks, institutions and fintechs, positioning itself as leaders. in the region.

In 2022, the company experienced  historic growth and an increase in its collaborators of more than 100%.


During KoiSummit, the regional event organized by Koibanx, representatives of financial entities such as Banco Davivienda (Colombia), Banco Macro, Central Bank of the Argentine Republic, Grupo Salinas (Mexico), Visa and Mastercard were present, who gave an account of the transformation process that the sector is going through since they began to incorporate solutions with blockchain technology.

Gustavo Manrique, General Manager of Banco Macro , commented: “We are working on a new disruptive product incorporating blockchain technology that has nothing to do with banking. We seek to offer other types of services beyond banking, for example, metered parking in different cities in Argentina. Working together with Koibanx gives us the enormous opportunity to get closer to the community in another way, the opportunities offered by technology are enormous to be able to modernize the country”.

In turn,  Rafael Sánchez, IT Specialist at Banco Davivenda,  explained: “We have been working with Koibanx for 5 years incorporating blockchain technology, which made us the most innovative bank in Colombia. We had two large projects implementing this technology, one is the vaccination certificate against Covid-19, with which we have generated 18 million certificates for Colombian citizens. The other product is a development that offers guarantees to the energy service. In this way, as a bank we achieve that they not only look for us as providers of financial solutions, but also for technology products. And that generates a lot of value for us.”

Also present at the KoiSummit was the  Director of the Central Bank of the Argentine Republic, Zenón Biagosch , who gave his point of view as a regulatory body within the country, and explained that the exponential growth -300% year-on-year- of new accounts in the world fintech in Argentina is explained by the high margins of informality in the country, something that happens in several countries.

In this way, the fintech ecosystem comes more to change how a financial product is offered than what it offers. And he explained: “That how must also be regulated if what we are looking for is that society benefits, we must avoid abuses and crimes. We are facing an enormous challenge, which is to supervise, rather than regulate, the crypto world”.

Regarding the regulations of the crypto world, the  founder of the Algorand blockchain, Silvio Micali , assured: “I think that institutions will benefit and will gradually adopt blockchain. And for that it is necessary to work together with the regulators, to be able to explain the advantages of the blockchain. I believe in their transparency and I am sure that progressive goals can be achieved with governments and regulators if we work together with them”.

 Fausto Bombarelli, Director of cryptocurrencies at Grupo Salinas , the conglomerate of leading Mexican companies made up of Banco Azteca, Grupo Elektra and TV Azteca, among others, was present during the event , who assured that the company’s objective is to be a bridge between thousands of Mexican families and Bitcoin and announced that over the next year they will work hand in hand with Koibanx to enable a crypto treasury system for the Group.

During the meeting, government agencies were also present,  Diego Fernández, Secretary of Innovation and Digital Transformation of the Government of the City of Buenos Aires,  explained the potential opportunities that the use of digital identities and the possibility of accessing credit will bring to people to the reputational trace.

In this way, the official assured that blockchain technology and the crypto ecosystem are serving, to a large extent, to solve the serious problems of financial inclusion that the world is going through today, understanding that more than 60% of humanity does not have access to Finance system.


– It has offices in 5 LATAM countries: Mexico, Colombia, El Salvador, Argentina and Uruguay

– Records 1 trillion dollars in tokenized assets on the blockchain (adding to the assets of clients such as Davivenda bank, Macro bank, the government of El Salvador, etc.)

– Generated more than 15 million onchain addresses for financial institutions regulated in different protocols.

– Works with 4 different protocols.

– It has 9 banks that have onchain products, that is, on public, transparent blockchains.

– It has crypto ramps in 3 countries: Mexico, El Salvador and Argentina.

– They have 5 types of tokenized asset classes: fiduciary money (Colombian pesos, dollars, Argentine pesos, etc.); commodities (land, energy, etc); financial instruments; electronic credit invoices and bank guarantees.


– In 2023, it will work with a leading bank to replace its core with a blockchain protocol.
– You are applying for your second exchange license.
– In 2023, it will open 4 more crypto ramps in Panama, Paraguay, Colombia and Guatemala.
– He is working on integration with the Defi world, and from his own experience, he seeks to empower the ecosystem to grow together by encouraging other developers to create from the base developed by Koibanx.
– He is developing the first national wallet for Nigeria, hand in hand with Algorand, where the focus is on creative talents. The objective is that content creators can represent their creations through NFTs in the official government wallet and thus sell them in the international market.

About Koibanx

Founded in 2015, Koibanx is a pioneering fintech company in providing blockchain infrastructure for the Latin American financial system, leading the technological revolution in the industry in the region, providing asset transaction and tokenization services to the banking and financial sector in Argentina, Colombia, Mexico, El Salvador and Uruguay.

Through its platform, the infrastructure of its clients becomes more secure, agile and profitable for payments, factoring and tokenization of assets, thus enabling the possibility of reaching new market segments.

Koibanx works by building the rails that enable multi-asset payments, making financial system holdings liquid, allowing mixed and partial payments to be made using cryptocurrencies, fiat money, securities, commodities, and loyalty points. More information: 

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