Argentina Startup Ripio Unveils Crypto-Fiat Exchange & OTC Desk
There’s a bit of excellent news for all Latin America-based crypto lovers. A crypto currency start-up Ripio has unveiled a crypto trading platform along with an OTC, i.e. Over the Counter Trading Desk. On May 16, 2019, Ripio published an official statement describing their efforts.
The latest platform of Ripio will allow its clients in Brazil, Argentina, and Mexico to trade cryptocurrency-fiat pair, use crypto finance facilities and apply for credit that will be handled on blockchain.
An OTC desk for institutional investors is also included in the offering. Ripio’s initiatives to make trading simpler for first-time traders are more intriguing. Its new flagship exchange will enable first-time traders to purchase and sell virtual currencies at set rates.
In addition, instructional tools will also be available in the form of podcasts, audio tutorials, blogs, and blog posts to educate new customers on how cryptocurrency trading usually functions. The platform will also provide fundamental data about each crypto currency accessible on the exchange to render things easier.
The OTC desk will serve institutional investors which is portion of the latest platform. The desk would also meet the South American region’s real world criterion for trading, in the same manner as LocalBitcoins. LocalBitcoins is one of South America’s most famous trading platforms that allows consumers to conduct face-to-face crypto transactions.
Commenting on the product launch, Ripio’s founder and CEO Sebastian Serrano said “cryptocurrency, and especially our new platform, provides brand-new investment opportunities for all sections of the inhabitants. This is particularly crucial in Latin America, where money must be shielded against local currency’s continual devaluation.”
Established in 2013, Ripio asserts to be Argentina’s biggest digital asset firm expanding to other South American nations such as Peru, Chile, Uruguay, Paraguay, and Colombia. By conducting an ICO to start a peer-to-peer loan network named as the Ripio Credit Network, Ripio also gained favorable publicity in 2017.
This network is centered on Ethereum’s smart contracts In early 2017, through its original coin sale (ICO), Ripio raised more than $37 million to introduce the Ripio Credit Network, a peer-to-peer loan network centered on intelligent agreements from Ethereum. Argentina’s Deputy Finance Minister, Felix Martin Soto, stated back in March that the government should embrace crypto and blockchain tech as a means of promoting Argentina’s economic integration and cutting public expenses.
Soto said he thinks that encouraging the country’s crypto sector will help decrease its US dollar demand which will ultimately assist stabilize the domestic market and attract foreign investment. Mauricio Macri, Argentina’s chairman, met with crypto investor and businessman Tim Draper in March. Draper informed the chairman that Bitcoin (BTC) legalization would enhance the country’s financial condition. As per Draper, the country’s implementation of crypto and blockchain may prevent significant issues in Argentina’s economy, including peso devaluation and related mass migration.