May 17, 2019 16:30 UTC
May 24, 2019 at 19:51 UTC
Crypto-Fiat Exchange and OTC Desk Launched by South American Startup Ripio
Ripio, a Latin America-based cryptocurrency startup, has launched a trading platform, according to a press release shared with Cointelegraph on May 16 that also includes an over the counter (OTC) desk.
This new platform will allow its customers in Brazil, Argentina, and Mexico to trade cryptocurrency to fiat, use digital banking services, and request blockchain-based loans.
Ripio, founded in 2013, claims to be the largest digital asset company in Argentina, and is currently expanding to other South American countries such as Peru, Chile, Uruguay, Paraguay and Colombia.
Ripio’s founder and CEO, Sebastian Serrano, commented,
“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.”
In late 2017, in a bid to launch the Ripio Credit Network, a peer-to-peer credit network based on Ethereum smart contracts, the company raised more than $37 million through its initial coin offering (ICO).
As reported in late March, Felix Martin Soto, Argentina’s Deputy Minister of Finance, claimed that in order to promote Argentina’s financial inclusion and reduce state costs, the government should address crypto and blockchain technology.
Soto stated that it is his belief that promotion of the crypto industry in the country will help in the reduction for the demand for United States dollar, and that will eventually contribute to stabilizing the local market and attracting global investment.
Argentina’s president, Mauricio Macri, met with crypto investor and entrepreneur Tim Draper, in March. According to Draper, crypto and blockchain tech adoption in the country can disrupt major problems in Argentina’s economy, including the devaluation of the Argentine peso and the associated brain drain. He told the president that the legalization of bitcoin (BTC) would improve the economic situation in the country.