Ripio, a Latin American (Latam) change headquartered in Argentina, raised $50 million in its newest funding spherical, led by Digital Foreign money Group (DCG). The change, which has a stronghold in nations like Argentina and Brazil, will use these new funds to additional increase to new nations in the world and consolidate its spot as one of many pioneering firms in the crypto change enterprise.
Ripio Will get $50 Million in Sequence B Funding Spherical
Ripio, one of many greatest cryptocurrency exchanges in Latam, has raised $50 million in its collection B funding spherical, aiming to continue to grow in the area. The funding spherical was led by Digital Foreign money Group (DCG), the well-known New York-based cryptocurrency enterprise capital agency. The spherical additionally had the participation of bitcoin investor Tim Draper, Amplo (buyers of Robinhood), Marcos Galperin (CEO of Mercado Libre), and Martin Migoya (CEO of Globant).
These funds will assist Ripio to continue to grow its model in Latam, after having acquired Bitcointrade, of essentially the most recognizable exchanges in Brazil, earlier this 12 months. The growth plan of the change consists of additional cementing its place in present markets whereas additionally increasing to different nations like Colombia, Mexico, and Uruguay later this 12 months. About this, Ripio’s CEO, Sebastián Serrano, acknowledged:
This announcement is for us a pure step that permits us to proceed increasing and consolidating our merchandise in the area, with the mission of increasing entry to the crypto world, constructing easy instruments and providing high quality info and sources to facilitate the trail to the brand new digital economic system.
Crypto Is Nonetheless Recent for Latam Markets
Ripio desires to capitalize on how new cryptocurrency is to Latam markets. Exterior of already-saturated cryptocurrency strongholds like Venezuela, Argentina, and Brazil, the area appears to be an particularly fertile floor for brand new enterprise. Juan Mendez, model chief of Ripio, acknowledged the corporate is getting ready to announce the acquisition of an change in Colombia. Colombia is a rustic the place some crypto companies have made inroads, however it’s nonetheless in its preliminary levels in relation to crypto utilization and adoption.
DCG can be assured that the change will continue to grow in the long run, giving entry to the cryptocurrency ecosystem to the underbanked in the area. Jason Yacavone, chief funding officer of Digital Foreign money Group, acknowledged:
Ripio is a vital piece of the digital asset ecosystem and its work is important to increase entry to monetary merchandise all through South America.
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