Ripio, a Latin American (Latam) exchange headquartered in Argentina, raised $50 million in its latest funding round, led by Digital Currency Group (DCG). The exchange, which has a stronghold in countries like Argentina and Brazil, will use these new funds to further expand to new countries in the area and consolidate its spot as one of the pioneering companies in the crypto exchange business.
Ripio Gets $50 Million in Series B Funding Round
Ripio, one of the biggest cryptocurrency exchanges in Latam, has raised $50 million in its series B funding round, aiming to keep growing in the region. The funding round was led by Digital Currency Group (DCG), the famous New York-based cryptocurrency venture capital firm. The round also had the participation of bitcoin investor Tim Draper, Amplo (investors of Robinhood), Marcos Galperin (CEO of Mercado Libre), and Martin Migoya (CEO of Globant).
These funds will help Ripio to keep growing its brand in Latam, after having acquired Bitcointrade, of the most recognizable exchanges in Brazil, earlier this year. The expansion plan of the exchange includes further cementing its position in current markets while also expanding to other countries like Colombia, Mexico, and Uruguay later this year. About this, Ripio’s CEO, Sebastián Serrano, stated:
This announcement is for us a natural step that allows us to continue expanding and consolidating our products in the region, with the mission of expanding access to the crypto world, building simple tools and offering quality information and resources to facilitate the path to the new digital economy.
Crypto Is Still Fresh for Latam Markets
Ripio wants to capitalize on how new cryptocurrency is to Latam markets. Outside of already-saturated cryptocurrency strongholds like Venezuela, Argentina, and Brazil, the region seems to be an especially fertile ground for new business. Juan Mendez, brand chief of Ripio, stated the company is preparing to announce the acquisition of an exchange in Colombia. Colombia is a country where some crypto firms have made inroads, but it is still in its initial stages when it comes to crypto usage and adoption.
DCG is also confident that the exchange will keep growing in the future, giving access to the cryptocurrency ecosystem to the underbanked in the region. Jason Yacavone, chief investment officer of Digital Currency Group, stated:
Ripio is an important piece of the digital asset ecosystem and its work is essential to expand access to financial products throughout South America.
What do you think about Ripio’s latest funding round? Tell us in the comments section below.