Ripio, a Latin American (Latam) exchange headquartered in Argentina, raised $50 million in the latest round of financing led by Digital Currency Group (DCG). The exchange has offices in countries such as Argentina and Brazil, and will use these new funds to further expand to new countries in the region and consolidate its position as one of the pioneer companies in the cryptocurrency trading business.
Ripio receives US$50 million in Series B financing
Ripio, one of the largest cryptocurrency exchanges in Latin America, raised US$50 million in its Series B financing with the aim of continuing to grow in the region. This round of financing was led by Digital Currency Group (DCG), a well-known cryptocurrency venture capital firm headquartered in New York. The round also included Bitcoin investor Tim Draper, Amlo (investor in Robinhood), Marcos Galperin (CEO of Mercado Libre) and Martin Migoya (CEO of Globant).
After acquiring Brazil’s most well-known exchange Bitcointrade earlier this year, these funds will help Ripio continue to develop its brand in Latin America. The exchange’s expansion plans include further consolidating its position in the current market, while also expanding to other countries such as Colombia, Mexico and Uruguay later this year. In response, Sebastián Serrano, CEO of Ripio, said:
This announcement is a natural step for us, allowing us to continue to expand and integrate our products in the region, with the mission of expanding access to the encrypted world, building simple tools and providing high-quality information and resources to Promote a road economy leading to new numbers.
Cryptocurrencies are still new to the Latin American market
Ripio hopes to capitalize on the impact of the new cryptocurrency on the Latin American market. Except for the already saturated cryptocurrency strongholds such as Venezuela, Argentina and Brazil, the region seems to be fertile ground for new business. Ripio’s brand leader Juan Mendez (Juan Mendez) said the company is preparing to announce the acquisition of a Colombian exchange. Colombia is a country where some encryption companies have made progress, but they are still in the initial stages of encryption use and adoption.
DCG also believes that the exchange will continue to develop in the future, providing opportunities for the cryptocurrency ecosystem for underserved people in the region. Jason Yacavone, Chief Investment Officer of Digital Currency Group said:
Ripio is an important part of the digital asset ecosystem, and its work is critical to expanding access to financial products throughout South America.
What do you think of Ripio’s latest round of financing? Tell us in the comments section below.
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