Ripio Raises $50 Million in Current Funding Round

Ripio (a Latin American (Latam), exchange, with its headquarters in Argentina, has raised $50 million in its most recent funding round. It was led by Digital Currency Group. This new funding round was led by Digital Currency Group (DCG). The funds will be used to expand the exchange’s reach to other countries and to consolidate its position as one of the leading companies in cryptocurrency exchange.

Ripio Gets $50 Million in Series B Funding Round

Ripio is one of the largest cryptocurrency exchanges in Latam. It has raised $50 Million in its series B financing round. This funding will help Ripio continue growing in the region. Digital Currency Group (DCG), a New York-based cryptocurrency venture capital company, led the funding round. Amplo (investors in Robinhood), Tim Draper (bi-currency investor), Marcos Galperin, (CEO Mercado Libre), Martin Migoya and Martin Migoya were also part of the round.

After having purchased Bitcointrade, one of the most well-known exchanges in Brazil earlier this year, these funds will allow Ripio continue to grow its brand in Latam. Ripio’s expansion plans include further consolidating its position in the current markets and expanding to countries such as Colombia, Mexico, Uruguay, and Uruguay later in the year. Sebastian Serrano (Ripio CEO) spoke to this stated:

This announcement is for us a natural step that allows us to continue expanding and consolidating our products in the region, with the mission of expanding access to the crypto world, building simple tools and offering quality information and resources to facilitate the path to the new digital economy.

Cryptocurrency Is Still Fresh for Latam Markets

Ripio hopes to capitalise on the new cryptocurrency’s impact on Latam markets. The region is a good place to start new businesses, even if it’s not already saturated with cryptocurrency like Brazil, Argentina, Venezuela and Brazil. Ripio’s brand chief Juan Mendez stated that the company is planning to announce its acquisition of a Colombian exchange. Although some crypto companies have already made inroads in Colombia, the country is still very much in its infancy when it comes crypto adoption and usage.

DCG is confident that the exchange will continue to grow in the future and provide access to the cryptocurrency ecosystem for the underbanked of the region. Jason Yacavone is chief investment officer at Digital Currency Group and he stated:

Ripio is an important piece of the digital asset ecosystem and its work is essential to expand access to financial products throughout South America.