Bitcoin Exchange in Chile Gets Funding from Government

Sarah Jenn | April 21, 2015 | 12:00 pm

Bitcoin Exchange in Chile Gets Funding from Government

Sarah Jenn | April 21, 2015 | 12:00 pm

SurBTC, a bitcoin exchange based in Chile, gained the support and trust of its government after it secured funding for its operations. The name of the company translates to Bitcoin South and was recently launched to allow Chileans to trade and invest in bitcoin.

Chile is near Argentina, a country that has dealt with several economic and currency crises in the past. Because of that, these countries have become more open to the idea of alternative currencies and financial systems, thereby providing a good opportunity for a bitcoin exchange to flourish.

Bitcoin Exchange Support

During its earlier days, SurBTC was faced with a lot of rejection from banks in the country, as most of these institutions had a growing distrust for the cryptocurrency. The company eventually found a banking partner to work with in Chile, eventually paving the way for a successful launch of the bitcoin exchange.

The Chilean government also decided to back the bitcoin exchange by giving $40,000 in funding. For CEO and co-founder of SurBTC Guillermo Torrealba, they felt that this was an “extraordinary validation” for their operations. This funding was provided as part of the state’s startup initiatives.

“We are interpreting this ‘responsibility,’ offering a very transparent, secure exchange and open to other entrepreneurs to connect and develop their own solutions,” Torrealba said. “This is the only way that people can forget the scams that have been.”

With this, SurBTC could gain more traction and be able to expand and enhance its services. The bitcoin exchange is already looking into accommodate more traders by adding more services and adding U.S. dollars to the platform soon. Apart from that, SurBTC also hopes to expand throughout Latin America and being the primary exchange for the whole region.

SurBTC was co-founded by Chilean businessmen Torrealba, who was a former businessman, and Augustine Feuerhake, who is a four-time startup founder with eight years of mobile development under his belt.

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