Latin American Crypto Firm Ripio Raises US$50m

Ripio, an Argentina-headquartered crypto firm, has raised US$50 million in a Series B financing round. This was made public in an announcement issued by the firm on Monday.

The funding effort was led by blockchain investment company, and the parent company of CoinDesk, Digital Currency Group (DCG); with participation from two other existing backers, Tim Draper and San Mateo incubator Boost VC. 

The core priority in the disbursement of this fund is to finance the launch of Ripio operations in new locations this year, including Colombia, Mexico, and Uruguay. Chief Brand Officer Juan José Mendez, in a discussion with CoinDesk, stated that the firm is scheduled to commence operation in Spain during the first quarter of 2022.

According to Mendez, the strategy for the planned expansions into new countries includes a balanced mix of organic launch and acquisitions. He also indicated the firm will announce the acquisition of an exchange in Colombia in a few weeks.

In June, Ripio bought the entire operations of BitcoinTrade, the second-largest crypto exchange in Brazil. As of today, Ripio has a presence in Argentina and Brazil, where it currently boasts two million users.

New investors who participated in the round include Amplo VC, MercadoLibre founder and CEO Marcos Galperin, and Globant Founder and CEO Martín Migoya.