The Argentina-based crypto exchange Ripio received $50 million via a series B financing, led by the Digital Currency Group (DCG), a New York-based Venture Capital that invests in blockchain and crypto projects.
Other participants in the funding round include bitcoin billionaire Tim Draper, Robinhood investor Amla, CEO of Mercado Libre Marcos Galperin, and Martín Migoya of Globant.
“This announcement is a natural step for us. It allows us to continue to expand and integrate our products in the region. Its mission is to expand access to the encrypted world, build simple tools and provide high-quality information and resources. In order to promote the economics of the road to the new digital assets,” said Sebastián Serrano, CEO of Ripio.
As one of the major trading platforms in Latin America, the exchange intends to use the funds to further grow its brand in the region, the announcement added.
Ripio will extend its offerings to other LatAm countries such as Colombia, Mexico and Uruguay later this year while hoping to maintain and consolidate its position in the current market.
Cryptocurrencies are not very popular in LatAm and the company hopes to capitalize on the trend to grow its brand in the region, which appears to be prolific for new businesses.
Juan Mendez, Ripio’s Brand Leader also said the firm will announce the acquisition of a crypto exchange in Colombia.
According to Mendez, Columbia is just a country with good records of encryption companies although the region is yet to completely adopt the idea or the use of encryption.
DCG supports the exchange expansion plans.
Commenting on the investment, Jason Yacavone, Chief Investment Officer of Digital Currency Group, noted DCG believes that Ripio will sustain its growth in time to come, creating opportunities for underserved people in the cryptocurrency ecosystem.
“Ripio is an important part of the digital assets industry and its work is crucial for expanding access to financial products throughout South America,” Yacavone said.
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