South American Startup Ripio Rolls Out Crypto-Fiat Exchange and OTC Desk
Ana Alexandre's original article for cointelegraph.com reduced by 53%
Latin America-based cryptocurrency startup Ripio has launched a trading platform, including an over the counter desk, according to a press release shared with Cointelegraph on May 16. Ripio's newly launched platform will enable its customers in Brazil, Argentina, and Mexico to trade cryptocurrency to fiat, use digital banking services, and request blockchain-based loans. Founded in 2013, Ripio claims to be the largest digital asset company in Argentina, with its current expansion to other South American countries like Peru, Chile, Uruguay, Paraguay and Colombia.
In late 2017, Ripio raised more than $37 million through its initial coin offering in a bid to launch the Ripio Credit Network, a peer-to-peer credit network based on Ethereum smart contracts. As reported in late March, Argentina's Deputy Minister of Finance, Felix Martin Soto, claimed that the government should address crypto and blockchain tech as a way to promote Argentina's financial inclusion and reduce state costs. In March, Argentina's president, Mauricio Macri, met with crypto investor and entrepreneur Tim Draper.
According to Draper, crypto and blockchain adoption in the country can disrupt major problems in Argentina's economy, including the devaluation of the Argentine peso and the associated brain drain.
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