Dock Plans to Use Cryptos for International Money Transfers: Reuters

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Brazilian monetary companies platform Dock provides options for all the digital funds ecosystem, according to Reuters. The firm, previously Conductor Technology, plans to utilise cryptocurrencies for worldwide remittances and to increase markets within the Latin American and European areas.

The firm mentioned it might convert Brazilian reals to bitcoin first after which to a different nation’s forex for worldwide remittances.

To end-users by way of Dock purchasers equivalent to Vivo or Natura, Capitals shall be reached.

Frederico Amaral, head of product and know-how at Dock, mentioned in an interview:

“It will be both a quick and cheap way of making remittances.”

According to CrunchBase, Dock has raised a complete of $170M in funding over three rounds. Their newest funding was raised on Oct 30, 2020, from a Private Equity spherical.

Also, on Dec 7, 2021, Dock introduced the acquisition of Mexican card processing startup Cacao. The transfer was Dock’s first acquisition out of Brazil,

CEO of Dock Antonio Soares mentioned:

“The two companies share significant values ​​and a core mission to enable their clients to democratize, through technology, access to the financial system for the millions of unbanked and underbanked people in Latin America.”

Last month, Dock additionally obtained Brazil’s central financial institution approval to amass rival Brasil Pré-pagos (BPP) with a monetary establishment license.

Image supply: Shutterstock

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