New Ripio Exchange Will Start OTC Desk and Crypto to Fiat Exchange in South America for Institutions
Ripio, a cryptocurrency exchange based in South America, has just launched its crypto trading platform. According to the official press release, this new crypto trading platform will have an over the counter (OTC) desk and will let people exchange fiat and crypto.
The new platform will be focused on the customers of Brazil, Argentina and Mexico, three of the largest countries in Latin America. While Mexico is actually a part of North America, the platform will be mostly focused on the Southern parts of the continent.
With the help of the new platform, the users will be able to trade fiat, use several banking services and to request loans based on the blockchain technology, as well as use the OTC desk, which is more aimed at big institutional investors instead of the retail ones.
The founder of the company, Sebastian Serrano, affirmed that the crypto world and the newly launched platform will offer a whole new horizon of investments to several segments of the population, so they will offer products to big shot investors as well as the retail ones who do not have a lot of money to invest.
Ripio, which was founded in 2013 in Argentina, knows how important it is to be protected from the inflation in South American markets. Argentina, for instance, is facing a severe monetary crisis as its fiat currency is being overly devaluated.
The company started out in Argentina and then was able to move to some new countries like Uruguay, Peru, Chile, Colombia, Paraguay and Brazil.
In 2017, Ripio had its Initial Coin Offering (ICO), which helped the company to raise over $37 million USD via its ICO and enabled it to launch its own network, a P2P credit system based on Etehreum.
Argentina And The Blockchain
Felix Martin Soto, the Deputy Minister of Finance in Argentina, affirmed that the local government has to address the crypto and blockchain technology in order to actually promote the financial inclusion of th country and also to reduce costs in the state, as well as to prevent a major inflation from getting bigger.
The U. S. dollar (USD) is used a lot in Argentina and Soto believes that Bitcoin could be key in solving the issue because the digital currency would certainly make the demand for foreign fiat diminish in the country, which could end up stabilizing the market and, therefore, attracting more local investment.
Even the president of Argentina, Mauricio Macri, has talked about Bitcoin. He recently met with Tim Draper, a famous investor and Bitcoin bull, and Draper talked to him about legalizing Bitcoin in the country and how that could be a good solution.
According to Draper, only the adoption of the crypto technology would be able to disrupt some of the major problems that Argentina is facing right now, especially the devaluation of the local currency.