Ripio raises $50 million in Series B from Digital Currency Group and Draper Ventures

The Argentine cryptocurrency startup Ripio has raised $50 million in a Series B 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 🚀 https://t.co/ezmeGD01H3

— Ripio (@RipioApp) September 20, 2021

The round was led by Digital Currency Group. Participating were Amplo, Draper Ventures, Boost VC, as well as Marcos Galperín, head of MercadoLibre, and Martín Migoya, CEO of Globant.

Ripio offers a range of services to the market, including a cryptocurrency wallet, an exchange, and an OTC platform. The company intends to use the funds raised to advance product development, grow the team, and expand internationally with a focus on Latin American countries. The current number of Ripio users in Brazil and Argentina exceeds 2 million.

“In Colombia, we recently closed a key acquisition to enter this market confidently. We have already formed a strategic team that will start work very soon,” said Ripio’s Chief Brand Officer Juan José Mendes.

According to him, the company has made substantial progress in entering the markets of Mexico and Uruguay. Also, according to a LinkedIn post, Ripio is targeting work with users in Spain.

According to Crunchbase, in January Ripio acquired BitcoinTrade — the second-largest exchange in Brazil. In 2018, the company launched a peer-to-peer lending platform based on Ethereum smart contracts.

In 2017, Ripio raised $37 million in its initial coin offering (RCN).
Earlier ForkLog reported on the acquisition of the British crypto exchange Luno by Digital Currency Group led by Barry Silbert.

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