Cocos spins out Cocos Crypto as a standalone app as it turns into a bank in Argentina

Argentine fintech Cocos has launched Cocos Crypto as a standalone app to buy, sell, hold, send and pay with crypto. The service has run since February 2024 inside the main Cocos app, through a company separate from its brokerage; users keep their existing credentials and balances.

The split separates the crypto business as Cocos becomes a regulated bank. On 30 June it closed the acquisition of Banco Voii for about $20 million, after approval from Argentina's central bank, and Voii will be renamed Cocos Bank. The licence lets Cocos add deposits, accounts and credit to its investing platform.

Founded by CEO Ariel Sbdar and Nicolás Mindlin, Cocos started as a commission-free investing app. It has also bought Brazilian investment platform Warren as it expands across the region, competing with Mercado Pago and Ualá at home.