Argentina, Brazil And Mexico Will Soon Have Access To Ripio Crypto Exchange
Argentina, Brazil, And Mexico Will Soon Have Access To Ripio Crypto Exchange
- Ripio plans to launch an exchange for three Latin American countries – Argentina, Brazil, and Mexico.
- Ripio aims to provide trading services while educating new investors on activity in the market.
The cryptocurrency industry is constantly in a state of change, and there are jurisdictions around the world that are trying to figure out what to do with it. A startup named Ripio is working to increase the adoption of cryptocurrency in Latin America, leading them to launch a new exchange platform that will serve three Latin American markets.
This exchange will specifically serve customers in Argentina, Brazil, and Mexico. However, there are some regulations implemented in these regions, which means that the only users that can engage in fixed-price purchases will be investors in the Mexican market, according to CEO Sebastian Serrano. Serrano spoke with CoinDesk about the developments at the Consensus 2019 conference.
In Argentina, Serrano says that the crypto community is a lot like the crowds at the conference, as Ripio users are primarily made up of “early adopters, avid investors, and technophiles.” He added that the company is working to “go mainstream,” while creating an opportunity for a larger audience to be reached. Though Ripio presently offers crypto trading, the exchange prioritizes the education of their audience so that users have a greater understanding of the market as a whole.
When users first join the exchange, they will only be able to purchase and sell cryptocurrency at a fixed price. At that time, they will immediately provide the new user with educational materials about trading in the market, which includes videos, podcasts, and other forms of media. The user will need to complete more transactions and learn more about the market before they can create limit orders and other complex orders.
Explaining, Serrano added that their goal is to bring in the users that simply want to know about cryptocurrency and make them into an “advanced user.” Some investors that get involved in the cryptocurrency market will become overzealous and immediately try to keep up with the long-term and experienced investors. By engaging with the Ripio exchange, users will avoid the more complex trading databases until they have a better understanding. The alternative, as Serrano says, is that the complicated nature of trading will lead investors to “end up hurting themselves or giving up.”
Along with the education about how this trading works, the exchange teaches users about the different assets, though users will not be participating in derivatives. To create a less complicated approach for Argentinian users, Ripio has already begun working with the regulators in the country to launch a security token trading platform at some point.
At this point, Ripio has a scheduled launch of their new platform at the end of this month, though it is already in a beta testing phase for about 1,000 users, along with the 80 staff members that are already with Ripio.
Ripio was originally founded as Bitpagos in 2013, though the name changed to Ripio the following year. In Latin America, Ripio says that they already have 300,000 users, and most of them are between age 25 and 40 years old. The company has established 8,000 convenience stores in Argentina so far as real-world on-ramps, allowing users to sell small Bitcoin amounts. To do so, users go to the convenience store to deposit fiat currency, which will be converted to fund their Bitcoin accounts.
Ripio also has a peer-to-peer credit network and already has logged 500 loans logged with their system. However, the majority of the loans are relatively small at $100 on average. To power the network, Ripio hosted an initial coin offering (ICO) to sell RCN tokens in 2016. The next year, Huijin Blockchain Venture led a Series A funding round that raised $2.25 million for Ripio. Of those contributions, Medici Ventures contributed $428,000.