Top Argentinian Crypto Firm Purchases Second Largest Bitcoin Exchange In Brazil

Top Argentinian Crypto Firm Purchases Second Largest Bitcoin Exchange In Brazil

  • Argentina’s crypto firm, Ripio, is set to purchase Brazil’s second-largest cryptocurrency exchange, BitcoinTrade. Ripio aims to expand its market presence and the prevalence of digital assets across Latin American countries.

According to a local Argentinian newspaper Ambito, Ripio, one of the leading crypto firms in the country has purchased BitcoinTrade, reportedly the second-largest exchange in Brazil. The purchase aims to increase Ripio’s market presence and strengthen its operations across Latin America as the leading digital assets service firm.

Ripio, the largest digital asset exchange in Argentina, announced at the end of 2020 that it had reached close to 1 million active users on its platform. Having entered the Brazil market in 2019, Ripio boasts as one of the fastest-growing crypto companies in the country – a clear indication of why the purchase of BitcoinTrade is important. Sebastián Serrano, CEO at Ripio said,

“We have been following the growth of Bitcoin Trade for a long time and we are convinced that we will overcome greater challenges by working now towards the same goal.”

Launched in 2013, Ripio is one of the oldest, and heavily resourced crypto companies in the Latin American region with over 150 employees across the region. The company will expand its digital assets services to the region to increase the adoption of crypto, Serrano further said;

“We seek to expand access to the world of digital assets, building simple tools and enabling reliable information for decision making.”

BitcoinTrade, launched in 2017, grew to become the second-largest crypto exchange in Brazil in volumes and user activity. As of today, the company joins the Ripio family working to expand digital asset services to Brazilian and Latin American people.

The purchase is set to open up new horizons in the crypto ecosystem in Latin America, Carlos Andre Montenegro, founder of BitcoinTrade said,

“We are convinced that Ripio is the best company to extend the path we have built with BitcoinTrade in Brazil.”

Ripio joins Bitso, a Mexico-based crypto exchange, in the push to capture the hugely underdeveloped Brazilian crypto market. Bitso recently announced a $62 million funding round to expand its services across the Latin American region – with a keen eye on Brazil. Ripio also raised $44 million through VC investment including a $37 million initial coin offering (ICO).

Serrano believes the two companies have enough market to share in Brazil, given the largely underdeveloped crypto industry in the country. He further said,

“Bitso and ourselves are the two really well-funded companies with access to venture capital. There are no companies in that position in Brazil. But, really I think the opportunity is about growing the entire Latin America market.”

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Author: Lujan Odera

Central Bank of Argentina to Test IOV Labs PoC Blockchain Clearance System Built on RSK

  • Blockchain Proof of Concept (PoC) by IOV labs backed by Argentinian Central Bank (BRCA) already undergoing tests seeking approval.
  • It is set to be onboarded by big players in the Argentinian financial realm including the central bank.

Reports have surfaced that IOV labs – the Blockchain solutions firm – has developed a proof of concept for a Blockchain supported clearing system. The project is now undergoing testing, which is being carried out by the Argentinian Central Bank (BCRA). The BCRA will need to approve this system before it’s to be used by the financial institutions.

The system was designed to streamline payments, rendering them more efficient, while increasing transaction traceability as it makes its way to the intended destination.

Diego Gutiérrez Zaldívar, CEO of IOV Labs, was confident that the incorporation of its cutting-edge tech, with the legacy financial systems, would put them in the big boys’ league.

He remarked especially now faced by a global pandemic there was a need to fill the gap with tech to better serve their people:

“We need now more than ever to use technology in order to optimize processes and provide better services to our citizens.”

Greenlighted By Industry Titans

Most notably, if the network is approved, it will be onboarded by industry titans like Santander and BBVA, the BCRA several clearinghouses and various financial institutions. Despite not being fully approved the BCRA cited that it could be used as an alternative meanwhile.

Blockchain for Non-Cryptocurrency uses

The BCRA has been at the forefront in adopting new tech including Blockchain and others beyond cryptocurrencies.

They were keen to dissuade their citizens from using cryptocurrencies as a source of value; citing fraud concerns in 2014. The scope of the project would also shed a light on other uses of Blockchain, zeroing in on smart contracts.

The project is similar to a previous one:

Gasnet, by the country’s national gas regulator, Gasnor smart contract-based certification platform. They supply gas to more than 2 million residents. Running on an enterprise model of the RSK smart contract, Gasnet was developed to bolster Argentina’s gas certification processes.

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Author: Lujan Odera