Tribal Credit introduced cutting-edge financial instruments which are specifically tailored to the needs of startups. With quick access to corporate cards and extensive spend controls, start-ups can concentrate on building their business. No matter where they are in the process of starting out or what stage they are currently in.
Since cross-border payments services supported by cryptocurrencies are gaining pace in Latin America. A region that has emerged as a hotbed for the cryptocurrency industry in recent years. Many of these institutions are striving to become the best choice in the area.
Also, as part of an oversubscribed funding round, Tribal Credit, a cryptocurrency-focused enterprise payment platform, raised $60 million. Putting it on pace to continue its expansion in Latin America. A region that has witnessed considerable uptake of blockchain-based cross-border payments.
Furthermore, among those that participated in the Series B investment round was SoftBank Latin America Fund. It is a venture capital firm that has made investments in a number of fintech and software startups throughout the area. Coinbase Ventures was also a participant in the round. Furthermore, included are the venture capital firms BECO Capital, QED Investors, and Rising Tide, amongst others.
In addition, Tribal stated that it intends to use the cash infusion to fund its operations throughout the region, including the establishment of local teams in Brazil, Mexico, Colombia, Peru, and Chile.
According to a story published in January, Tribal raised $40 million in a “hybrid” debt round. This is the reason why it gains the support of both fiat and stable coins. The Stellar Development Foundation (SDF) spearheaded the project. It is a non-profit organization dedicated to the development of the Stellar blockchain. In April 2021, Tribal Credit began merging with Stellar to provide a more seamless experience. Thus, increasing the company’s influence once more.
Tribal Credit and Bitso formed partnership to provide cross-borders payment and settlement services.
In addition, the company has formed a partnership with the Latin American cryptocurrency exchange Bitso. This is to provide small and medium-sized businesses with cross-border payment and settlement services. During the Tribal Conference in December 2021, it was announced that business owners in Mexico will be able to pay for goods and services in their own currency, the peso, and have their counterparts in the United States receive payments in dollars. Bitso and Stellar are the companies that are facilitating the cross-border payment service.
Central and South American countries have emerged as key hubs for cryptocurrency acceptance and experimentation. The locals and even governments rely on digital assets to battle inflation and spur economic growth. El Salvador became the first country in the world to recognize Bitcoin (BTC) as a legal tender in June 2021. The country became the first in the world to do so. The largest economy in the region, such as Brazil has made great achievements in cryptocurrency. The data resulted in 10 million Brazilians already engaging in the market. This is according to CoinMarketCap. The country has also made considerable strides in blockchain technology.