Headquartered in Argentina, Latin American (Latam) exchange named Ripio managed to raise a whopping $50 million through its latest funding round that was led by the DCG (Digital Currency Group). Having a stronghold in countries like Brazil and Argentina, the exchange will utilize these newly raised funds for further expanding its operations to new countries in the region. Moreover, it also has plans of consolidating its position as one of the leading companies in the crypto exchange space. As a matter of fact, Ripio is regarded as one of the biggest currency exchanges in Latam and its series B funding round was aimed at helping it grow further in the area.
The renowned crypto venture capital firm based in New York, Digital Currency Group (DCG) led the funding round and the other participants also included some other impressive names. These include the chief executive of Globant, Martin Migoya, the chief executive of Mercado Libre, Marcos Galperin, investor of Robinhood Amplo and bitcoin investor Tim Draper. Ripio will used the funds it has raised for growing its brand name in Latin America, after it had acquired one of Brazil’s most popular exchanges earlier this year, named Bitcointrade. The exchange’s expansion plan includes further cementing its place in existing markets, but that’s not all.
They also plan on expanding their operations to other countries including Mexico, Columbia and Uruguay. The CEO at Ripio, Sebastian Serrano said that this announcement was essentially a natural step for them because it enables them to continue consolidating and expanding their products in the region. They also have the mission of expanding further in the crypto world by offering quality information and building simple tools and resources that would help in establishing the path to a digital economy. To put it simply, Ripio wants to take advantage of the newness of cryptocurrency in the Latam markets.
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Cryptocurrency strongholds, such as Argentina, Venezuela and Brazil have already become highly saturated, whereas Latin America appears to be a very fertile ground, particularly for new businesses. The brand chief of Ripio, Juan Mendez said that the company was planning on announcing their acquisition of another crypto exchange based in Columbia. A number of crypto companies appear to have made inroads in Columbia itself, but when it comes to crypto usage and adoption, the region still remains in its initial stages, which means there are plenty of opportunities to explore.
DCG has also expressed confidence that the Argentinian exchange will continue to grow in the future and will provide the unbanked people in the region with access to the crypto ecosystem. The Digital Currency Group’s chief investment officer, Jason Yacavone said that Ripio is an important part of the overall digital asset ecosystem. He added that the work of the exchange was essential for expanding and increasing the access of financial products all over South America. There are plenty of opportunities that exist, considering that the region is still relatively untapped, which means there is a lot of room for growth for the exchange.