Blockchain startup Ripio launches crypto-fiat exchange and OTC desk

South American crypto startup Ripio has released a trading platform and an over-the-counter (OTC) desk, as reported by Cointelegraph.

The new platform will allow customers from Argentina, Brazil, and Mexico to trade crypto to fiat, utilize digital banking services, and request blockchain-based loans. However, according to CoinDesk, only fixed-price purchases will be available for Mexican users because of regulatory issues.

Meanwhile, an OTC Desk will also be launched targeted at institutional investors.

“Cryptocurrency, and our new platform, in particular, offers brand new investment horizons for all segments of the population,” Sebastian Serrano, founder and CEO of Ripio, said. “This is especially important in Latin America, where savings must be protected against the constant devaluation of local currency.”

Originally known as BitPagos, Ripio raised over $37 million in an initial coin offering (ICO) in late 2017 to launch the Ripio Credit Network - a global peer-to-peer credit network based on consigned smart contracts that enable connections between borrowers and lenders worldwide on any currency. The RCN token, which functions at system’s core, is a typical ERC-20 token with its inherent value directly correlated to the demand of its network use.

Last year, the Argentinian startup launched peer-to-peer microloans to all its 200,000 bitcoin wallet users in Argentina, Brazil, and Mexico, CoinDesk reported. After this full rollout, a closed beta followed wherein over 800 loans were released to Argentinian customers.

Back then, the number of lenders on the network grew to 3,000, and most of them are from Asia. Serrano noted, “We have people from Asia funding people in South America, which is something you cannot do with another [app].”