Argentine fintech Cocos has launched Cocos Crypto as a standalone application, separating its digital asset services from its primary brokerage app. The new app enables users to buy, sell, custody, send, and pay with cryptocurrencies around the clock. This move supports Cocos' transition into banking following its acquisition of Banco Voii, which will be renamed Cocos Bank.
A Standalone Crypto Application
The new Cocos Crypto app provides a dedicated environment for digital asset activity after operating within the main Cocos app since February 2024. Existing users sign in with their original Cocos credentials, and their crypto holdings continue to appear in the general portfolio without any transfer process. The service supports buying, selling, custody, sending, and payments with crypto, and it will soon be removed from the main Cocos application.
Trading and Payment Features
The application was published on the App Store on September 25 and enables trading 24 hours a day in pesos or US dollars. It lists Bitcoin, Ethereum, USDT, USDC, Solana, and other cryptocurrencies for users. Cocos Crypto also allows free transfers between internal accounts, deposits and withdrawals to external wallets, and payments using the Cocos card with crypto balances.
User Transition and Asset Continuity
In the short term, the crypto module will stop being available in the main Cocos application as the company directs users to the standalone Cocos Crypto app. This migration does not require clients to move their crypto assets manually. The company said the separation is part of a broader effort to prepare its platform for banking products under a distinct legal and operational framework.
Regulatory Separation from Banking
Cocos told its clients that it plans to introduce new banking products, including deposits, accounts, and credit. The Central Bank of Argentina restricts banks from engaging directly with crypto assets. By keeping the crypto business in a separate application and corporate structure, Cocos can pursue banking operations without mixing bank regulations with the rules for virtual asset service providers, known as PSAVs.
Banco Voii Acquisition and Capital Increase
Cocos closed the acquisition of 100% of Banco Voii on June 30 for approximately US$20 million. The shareholders approved a capital increase that quintuples the bank's capital base and the name change to Cocos Bank S.A., which has already been published in the Official Gazette. The change remains pending approval from the Central Bank of Argentina.
New Leadership at the Bank
Cocos has designated Martín Diez as general manager of the future Cocos Bank, pending regulatory approval from the Central Bank. Diez previously served as CFO of Banco Hipotecario and spent more than 11 years at Deutsche Bank. His appointment reflects the company's effort to bring experienced banking leadership into the organization as it transitions from fintech into regulated financial services.
Company Background and Regional Expansion
Cocos was founded by Ariel Sbdar, its CEO, and Nicolás Mindlin. Sbdar worked in mergers and acquisitions at Banco Macro, in strategy at BIND, and on the money desk at Allaria Ledesma. The company reports nearly two million users and more than US$2 billion in assets under management, and it acquired the Brazilian platform Warren as part of its regional expansion.
The launch of Cocos Crypto marks a clear step in Cocos' evolution from a brokerage and fintech player into a broader financial services group. By separating its crypto operations, the company seeks to comply with Argentine banking rules while continuing to offer digital asset services. The pending regulatory approvals will determine how quickly Cocos Bank can begin operating under its new identity and expanded capital base.