Bloomberg Línea — The Luxembourg-based cryptocurrency platform Blockchain.com is deactivating Argentina’s platform SeSocio -- eight months after acquiring it -- and laying people off.
“As a consequence of the acquisition of certain assets of the SeSocio Group by Blockchain.com, the SeSocio.com platform is being deactivated,” SeSocio posted on its website.
The move was noted by some people affiliated with the startup. “Today, unfortunately, due to a lot of explanations, there was a cut of 25% of the staff. In my team, all the people were laid off. From the seven people, only I remained,” posted a SeSocio employee on LinkedIn.
Blockchain.com has been buying, selling and trading crypto since 2011. In November 2021 year, the firm said it had become “the largest crypto company in Latin America” with the acquisition of the Argentinian crypto powerhouse SeSocio, in what it defined to be “the most significant Latin American crypto acquisition to date.”
Cryptocurrencies have been facing problems and the biggest crypto assets fell nearly 65% in 2022, according to Galaxy Crypto Index, from Bloomberg.
Blockchain.com said it has completed more than $1.2 trillion in crypto-asset trades and that is has more than 83 million wallet users in the world.
As of August 1, SeSocio users will only be able to transfer their crypto assets to Blockchain.com or another platform of their choice. All other services will be disabled, including FIAT currency transfers.
“We suggest that you consolidate all your crypto assets and withdraw them during the month of July 2022,” said SeSocio.
Blockchain.com has operations in Brazil, Chile, Colombia, and Mexico.