Argentine cryptocurrency startup Ripio has raised $50m in a Series B funding round.
A great step to continue expanding access to the crypto world in #LatAm! We are very happy to announce the closing of a new Series B investment round for USD 50 million, led by @DCGco (DCG), one of the most recognized firms in the industry
The round was led by Digital Currency Group. Amplo, Draper Ventures, Boost VC and MercadoLibre head Marcos Halperin and Globant CEO Martin Migoya participated.
Ripio offers the market various services, including a cryptocurrency wallet, an exchange and an OTC platform. The company intends to use the funds raised for further product development, team development and international expansion with a focus on Latin America. The current number of users of Ripio's services from Brazil and Argentina exceeds 2 million.
"In Colombia, we recently closed a key acquisition to enter this market with confidence. We have already formed a strategic team that will start working very soon," stressed Ripio chief brand officer Juan José Méndez.
According to him, the company has made good progress in the Mexican and Uruguayan markets. Also, according to a post on LinkedIn, Ripio is targeting users from Spain.
According to Crunchbase, in January Ripio acquired BitcoinTrade, the second largest exchange in Brazil. In 2018, the company launched a P2P lending platform based on Ethereum smart contracts.
In 2017, Ripio raised $37m in an initial public offering of RCN tokens.
Previously reported on the acquisition of UK cryptocurrency exchange Luno by Barry Silbert's Digital Currency Group.