Latin American cryptocurrencies startup Ripio has launched its own trading platform. The site also provides an opportunity for OTC trading for institutional investors.
The recently launched Ripio platform will allow its customers from Brazil, Argentina and Mexico to exchange cryptocurrencies for fiat currencies, as well as use digital banking services and request blockchain-based loans.
“Cryptocurrencies and, in particular, our new platform offer completely new investment horizons for all segments of the population. This is especially important for Latin America, where savings should be protected from the constant devaluation of the local currency, ”Ripio founder and CEO Sebastian Serrano commented on the launch of the exchange.
Founded in 2013, Ripio claims to be the largest cryptocurrency company in Argentina with its current expansion to other countries in South America such as Peru, Chile, Uruguay, Paraguay and Colombia. In 2017, a startup received funding from Medici Ventures, a subsidiary of the American e-commerce leader Overstock.
The economic situation in Latin America is really very sad, which contributes to the growing popularity of cryptocurrency in the region. Last month, it was reported that, against the background of inflation in Argentina, the popularity of the first cryptocurrency continued to grow, while in Brazil the volume of Bitcoin trading reached a record maximum.
In addition, in March, the Argentine government announced a partnership with Binance Labs. The authorities said they intend to invest in blockchain startups supported by the Binance venture capital unit in the early stages of their development. In the same month, a venture investor and renowned cryptocurrency enthusiast Tim Draper advised the Argentine President to legalize Bitcoin in order to improve the economic situation in the country.