Per a press release online, Ripio the number one Latin American based crypto startup has just launched its crypto trading platform which also comes with over the counter (OTC) desk. Although it was formed in Argentina 2013, Ripio has done its best to become the number one crypto related entity in South America.
It is known for its peer to peer credit network. The credit network is based on Ethereum network and was launched in 2017 after Ripio secured funds worth $37 million from an initial coin offering. Now Ripio is among crypto entities providing OTC, and crypto trading services.
With its platform up and running, residents in Mexico, Argentina, and Brazil, can access its platform. For institutional investors, Ripio over the counter desk will satisfy their needs to execute large volume orders. On the other hand, Ripio retail customers have the trading platform at their disposal to make their crypto transactions pegged to fiat currency. Furthermore, they can also take advantage of the digital banking services now available through the launch of the new platform. Similarly, if they are in need of blockchain based loans, the new platform will enable them to lodge their loan requests. While commenting on the new development, Sebastian Serrano CEO and founder of Ripio said;
“In countries where savings have to be protected against the local currency which loses its value constantly, crypto provides Latin America people a brand new investment vehicle.”
Now residents in Colombia, Paraguay, Uruguay, Chile, and Peru can take advantage of Ripio platform and store their savings against strong currencies while at the same time trade. On the other hand, it seems the Argentina government is warming up to the idea of using crypto to promote its economy. According to Felix Martin Soto, who is Argentina’s Deputy Minister of Finance, the government should be at the frontline to promote crypto alongside blockchain technology.
The latter innovation will help reduce state costs while also help promote financial inclusion. Furthermore, according to the deputy finance minister, crypto will help reduce Argentina’s dependence on US dollars which will translate to the local market being stable. In return, stabilization of the local market will lead to the attraction of global investment, and Argentina’s economy will improve.