Latin American startup Ripio launches crypto exchange and OTC desk

16 May, 2019
by David Robb
Latin American startup Ripio launches crypto exchange and OTC desk

Crypto traders based in Latin America are about to see their options expand greatly, with the launch of a new trading platform that includes an OTC desk. Startup Ripio has rolled out its exchange for customers in Mexico, Brazil and Argentina, as reported by CoinTelegraph.

The Latin American region has been drawn to crypto in recent years, with the escalating hyper-inflation in Venezuela being a particular motivating factor. The Venezuelan government even sought to launch its own crypto, the Petro, as a way to prevent the rapid loss of value affecting its national fiat currency.

LocalBitcoins, a platform which facilitates face-to-face crypto exchanges between users, has been one of the most popular venues for trading in South America. Ripio's launch of an OTC desk should meet this demand for real-world trading, and the new platform will also offer blockchain-based loans. The company first came on the scene back in 2013, and gained attention in 2017 when it completed a successful ICO for the Ripio Credit Network, raising $37 milllion towards a peer-to-peer credit network based on Ethereum smart contracts.

According to Ripio’s founder and CEO Sebastian Serrano, "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 currency."

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