From Silicon Valley Darling to Sanctions Focus: How a Startup Crossed Venezuela's Red Line
Kontigo, a Silicon Valley fintech startup, raised over $20 million from investors like Coinbase Ventures and was part of Y Combinator, promoting itself as a "neobank for Latin America." However, it became a key channel for moving funds in and out of Venezuela, circumventing U.S. sanctions aimed at isolating the Maduro regime. The company enabled users to convert bolivars into dollar-pegged stablecoins, but it also facilitated oil sales for Venezuela, with nearly 80% of oil revenues paid in stablecoins in late 2024. Kontigo operated under a Venezuelan government license through a local entity, Oha Technology, though it denied ties to the regime. After U.S. military action ousted Maduro, Kontigo faced service cuts from JPMorgan, Stripe, and others, alongside allegations of undisclosed government links. The company launched an internal review, insisting it complies with U.S. laws, but its transaction activity plummeted amid the crisis.
比推02/03 12:28
