South American Crypto Startup Ripio has released a trading platform along with the over the counter (OTC) desk, as per the press released on May 16.
The Latin American region has started accepting cryptocurrency in the last few years, along with the rising inflation in Venezuela being one special motivating factor. Venezuelan Government also tried to release its own Crypto as Petro in order to stop high loss of value affecting its own fiat currency.
LocalBitcoins, a platform which enables face-to-face crypto exchanges between users, which is being widely used for trading across South America. Ripio newly released platform will be available for the customers in Brazil, Argentina, and Mexico to trade crypto to fiat, use digital banking services, and request blockchain based loans. The product also consists of OTC Desk for institutional investors.
Sebastian Serrano, Founder, and CEO of Ripio, describing the product said,
“cryptocurrency, and our new platform in particular, offers brand-new investment horizons for all segments of the population. This is especially important in Latin America, where savings must be protected against the constant devaluation of local currency.”
Ripio was launched way back in 2017, it is one of the largest cryptocurrency in Argentina, and has expanded its services in South American Countries such as Peru, Chile, Uruguay, Paraguay, and Colombia.
Ripio currently possesses more than 300,000 users in Latin America between the age of 25 to 40. The firm holds long-standing collaborations with Mercardo Live and some of the other banks in the region. Apart from this, the firm was listed in the KPMG's Fintech 100 list and was lately selected by Visa and Google Acceleration programs in Brazil and Mexico respectively.
In 2017, Ripio has collected $37 million via its initial coin offering in an urge to release its Ripio Credit Network, a peer-to-peer credit network based on Ethereum Smart Contracts. Before launching this service, Ripio team released the first Bitcoin payment gateway in the region and became first crypto wallet around the globe to provide its online credit services to users, a product which has helped the firm to in finals at TechCrunch Disrupt in New York.