Digital Currency Group Invests In Chilean Bitcoin Exchange SurBTC

SurBTC, a Chile-based bitcoin exchange, has raised $300,000 in seed funding in a round supported by Digital Currency Group, Sauzalito Ventures, and Fernando Barros, founder of Chilean law firm Barros & Errazuriz, CoinDesk reported.

The amount adds to the previously raised $100,000 through the Corporación de Fomento de la Producción de Chile (CORFO).

"We are impressed by the relationship SurBTC maintained with some Chilean government institutions as well as the role that Bitcoin could have on the industry commodity exports. I am convinced that SurBTC will be a key member of the international portfolio of bitcoin exchanges where DCG involved, and an important partner for remittance companies worldwide”, said Barry Silbert, founder and CEO of DCG (according to Google-translated version of the release).

The exchange, founded in 2014, will use the funds to consolidate its position in Chile, develop more and better investment alternatives and expand to other Latin American countries. Moreover, the company said that it will invest to improve its web platform that allows buying and selling bitcoin with Chilean pesos, to enable simple, quick and cheap international remittances.

Guillermo Torrealba, founder and CEO of SurBTC said that with investors like Barry Silbert and other major Chilean businessmen deciding to support the company, they are encouraged to keep pushing for the Bitcoin to be legitimized in Chile.

"Not only we are continually working so people can buy and sell bitcoins easily and reliably, but also, we are innovating new uses for the technology, as international money transfers using the bitcoin as an invisible tool. We believe that this technology will help finally to add to the millions of Chileans who today remain outside the banks, which today can not send money to a relative abroad or not have the ability to shop online”, Torrealba added .