South American Startup Ripio Rolls Out Crypto-Fiat Exchange and OTC Desk

Latin America-based cryptocurrency startup Ripio has launched a trading platform, including an over the counter (OTC) desk, according to a press release shared with Cointelegraph on May 16.

Ripio’s newly launched platform will enable its customers in Brazil, Argentina, and Mexico to trade cryptocurrency to fiat, use digital banking services, and request blockchain-based loans. The product also includes an OTC desk for institutional investors.

Commenting on the product roll out, Ripio’s founder and CEO Sebastian Serrano said that “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.”

Founded in 2013, Ripio claims to be the largest digital asset company in Argentina, with its current expansion to other South American countries like Peru, Chile, Uruguay, Paraguay and Colombia.

In late 2017, Ripio raised more than $37 million through its initial coin offering (ICO) in a bid to launch the Ripio Credit Network, a peer-to-peer credit network based on Ethereum smart contracts.

As reported in late March, Argentina’s Deputy Minister of Finance, Felix Martin Soto, claimed that the government should address crypto and blockchain tech as a way to promote Argentina’s financial inclusion and reduce state costs.

Soto stated that he believes that promoting crypto industry in the country will help to reduce its demand for United States dollar, which will eventually contribute to stabilizing the local market and attracting global investment.

In March, Argentina’s president, Mauricio Macri, met with crypto investor and entrepreneur Tim Draper. Draper told the president that the legalization of bitcoin (BTC) would improve the economic situation in the country. According to Draper, crypto and blockchain adoption in the country can disrupt major problems in Argentina's economy, including the devaluation of the Argentine peso and the associated brain drain.