Ripio, a Latin American (Latam) trade headquartered in Argentina, raised $50 million in its newest funding spherical, led by Digital Forex Group (DCG). The trade, which has a stronghold in nations like Argentina and Brazil, will use these new funds to additional develop to new nations within the space and consolidate its spot as one of many pioneering firms within the crypto trade enterprise.
Ripio Will get $50 Million in Collection 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 within the area. The funding spherical was led by Digital Forex 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 yr. The growth plan of the trade consists of additional cementing its place in present markets whereas additionally increasing to different nations like Colombia, Mexico, and Uruguay later this yr. 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 within the area, with the mission of increasing entry to the crypto world, constructing easy instruments and providing high quality info and assets to facilitate the trail to the brand new digital financial system.
Crypto Is Nonetheless Contemporary for Latam Markets
Ripio needs 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 trade in Colombia. Colombia is a rustic the place some crypto corporations have made inroads, however it’s nonetheless in its preliminary phases in the case of crypto utilization and adoption.
DCG can also be assured that the trade will continue to grow sooner or later, giving entry to the cryptocurrency ecosystem to the underbanked within the area. Jason Yacavone, chief funding officer of Digital Forex Group, acknowledged:
Ripio is a crucial piece of the digital asset ecosystem and its work is important to develop entry to monetary merchandise all through South America.
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