Argentina’s Ripio Acquires Second-Largest Crypto Exchange in Brazil

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Argentina’s Ripio has actually obtained BitcoinTrade, the second-largest crypto exchange in Brazil, in a quote to boost its impact throughout the foamy Latin American crypto market.

Ripio (previously called BitPagos) finished 2020 on a high, going across the 1 million customer landmark. Earlier in 2015, the company started looking in earnest for an excellent fit in Brazil and also picked BitcoinTrade, stated Ripio Chief Executive Officer and also founderSebastian Serrano The monetary regards to the bargain were not exposed.

“Brazil has always been a very important market for us,” Serrano stated in a meeting. “BitcoinTrade has a very good reputation in the market, very good processes and compliance. It also has a very meaningful user base – about 300,000 users in Brazil – and very good volumes on the exchange.”

Serrano likewise indicated BitcoinTrade’s reputable financial connections in Brazil, that includes accounts with Santander, Banco Ita ú and also Banco doBrasil

Brazil has the biggest GDP in Latin America and also appears to be an extremely preferable virgin region amongst South American and also Central American crypto exchanges. Last month, Mexico City- based crypto exchange Bitso elevated a $62 million financing round, a piece of which was set aside for a Brazil press, the firm stated.

“We have a very good relationship with Bitso,” statedSerrano “Bitso and ourselves are the two really well-funded companies with access to venture capital. There are no companies in that position in Brazil. But really I think the opportunity is about growing the entire Latin America market.”

The company, which currently has more than 150 staff members in Argentina, Brazil, Uruguay, Mexico and also Spain, has actually likewise elevated resources from Draper Ventures, Pantera Capital and also Digital Currency Group (which is likewise the proprietor of Coindesk). In regards to previous procurements, Ripio purchased Unisend, one more Latin American bitcoin exchange back in 2015.

BitcoinTrade owner Carlos Andre Montenegro will certainly be tipping down from daily responsibilities of running an exchange to concentrate on running his family members workplace. His duty will certainly be taken by Bernardo Teixeira, BitcoinTrade’s present CFO.

“We’re very excited and confident that Ripio is the best choice to help extend the path we’ve built with BitcoinTrade in Brazil,” Montenegro stated in a declaration.