South American startup Ripio develops Crypto-Fiat Exchange and OTC Desk

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

Ripio & # 39; s newly launched platform allows 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 counter for institutional investors.

Commenting on the product's roll-out, Ripio & 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 currencies. "

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

In the fall of 2017, Ripio raised more than $ 37 million through its original coin condition (ICO) in an attempt to launch the Ripio Credit Network, a peer-to-peer credit network based on smart contracts from Ethereum.

At the end of March, the Argentine Deputy Minister of Finance, Felix Martin Soto, announced that the government needed to tackle crypto and blockchain technology to promote financial inclusion in Argentina and reduce state costs.

Soto stated that he believes that promoting the crypto industry in the country will help reduce demand for the US dollar, which will ultimately help stabilize the local market and attract global investment.

In March the Argentinian president, Mauricio Macri, met a 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, the adoption of crypto and blockchain in the country can disrupt major problems in the Argentine economy, including the devaluation of the Argentine Peso and the associated brain drain.

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Don Bradman

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