Conxto – Argentine crypto exchange, Ripio, recently announced its new platform capable of exchanging Crypto to Fiat plus functioning as an over-the-counter (OTC) desk.
Reports say the improved technology will launch next month in three Latin American markets. Approximately 1,000 users and 80 Ripio staff members are currently testing out a beta version, according to reports.
To boost crypto adoption in Latin America, the startup will first premier the improved platform in Brazil, Argentina and Mexico. However, only fixed-price purchases will be available to Mexican users due to current regulatory obstacles.
Otherwise, users can anticipate various perks on the streamlined program including digital banking services plus blockchain loans. The OTC desk is built into the product for institutional investors, as well.
“Cryptocurrency, and our new platform, in particular, offers brand-new investment horizons for all segments of the population,” said Founder and CEO of Ripio, Sebastian Serrano. “This is especially important in Latin America, where savings must be protected against the constant devaluation of local currency.”
Besides crypto trading, Ripio aspires to educate users about the emerging industry on the new platform. Therefore, novices can expect plenty of educational materials to prepare them for the crypto industry. These will range from video tutorials, podcasts, news, blog posts, plus a forum.
“We want to take someone who’s just curious about crypto and help them to go up to the advanced user,” said Serrano. “If you immediately expose people to a very difficult [trading] interface they will end up hurting themselves or giving up.”
Users can start making more complex orders as they gain more experience making transactions.
Ripio began in 2013 as Bitpagos but went through some rebranding in 2014, hence the name change. Since then, the company has accumulated over 300,000 Latin American users between the ages of 25 and 40. According to Serrano, most of his clients are “early adopters, avid investors and technophiles.”
Chinese VC fund Huiyin Blockchain Venture invested US$2.25 million in Ripio during a 2017 Series A funding round. Overstock’s venture subsidiary Medici Ventures also contributed US$428 thousand.
The same year, Ripio raised US$37 million during an initial coin offering (ICO) where it sold RCN tokens. Thanks to this, the company created the peer-to-peer credit network. As of today, there are around 500 loans in Ripio’s database, the average one being worth about US$100.