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Argentine crypto platform Ripio raises $50 million in a round led by Digital Currency Group

With a portfolio of more than 2 million clients in Argentina and Brazil, Ripio wants to consolidate itself as the largest cryptocurrency brokerage in Latin America

Argentine crypto platform Ripio raises $50 million in a round led by Digital Currency Group
Illustration: Ripio/Facebook
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Ripio, a Latin American platform focused on crypto brokerage, has just announced a $50 million Series B investment led by Digital Currency Group. Also participating in the round were venture capital funds Amplo VC and Boost VC and investors such as Marcos Galperin, founder of Mercado Livre, and Martin Migoya, founder of Globant.

Launched in 2013, Ripio serves more than 2 million users in Argentina and Brazil and is structuring the operation in three other countries in the region: Mexico, Colombia, and Uruguay. The fintech has partnerships with large companies such as Mercado Pago, Visa, and Circle.

READ ALSO: Startup Ripio believes in cryptocurrencies as a way of avoiding the volatility of the Argentine peso

Ripio currently offers a digital wallet, brokerage, and credit services. The main product is the crypto digital wallet, an app that allows users to buy, sell, store, and transfer Bitcoin and other cryptocurrencies. Users can open a free account and make a deposit by bank transfer or through MercadoPago to buy digital assets, for example.

The company also offers a platform for real-time cryptocurrency trading; and RCN, a global credit network based on smart contracts and blockchain technology.

READ ALSO: Brazilian crypto exchange Mercado Bitcoin raises $200 million from SoftBank

The newly raised capital will be allocated primarily to bolster operations in Mexico, Colombia, and Uruguay. There are also plans to debut in Spain in 2022. Ripio’s chief brand officer Juan Jose Mendez told CoinDesk, the expansion will happen through acquisitions; the next one should be announced soon in Colombia.

In June, Ripio had already adopted a similar strategy to expand its operations in Brazil with the acquisition of BitcoinTrade, one of the largest cryptocurrency brokers in the country, with about 500,000 registered users. The value of the deal was not disclosed.

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