The Latin American (Latam) exchange, headquartered in Argentina, has raised $ 50 million in its latest funding round, led by the Digital Currency Group (DCG). In countries such as Argentina and Brazil, the exchange will further expand to new countries in the region using these new funds and consolidate its position as one of the leading companies in the crypto exchange business.
Ripio gets $ 50 million in Series B funding round
Litom’s largest cryptocurrency exchange, Repio, has raised 50 million in a Series B funding round, aimed at keeping the region growing. The funding round was led by Digital Currency Group (DCG), a renowned New York-based cryptocurrency venture capital firm. The round was attended by Bitcoin investor Tim Draper, Amplo (Robinhood investor), Marcos Galparin (CEO of Mercado Liber) and Martin Migoa (CEO of Globant).
These funds will help Latam grow its brand after acquiring BitcoinTrade, one of Brazil’s most recognized exchanges earlier this year. The exchange’s expansion plans include further cementing its position in the current market and expanding to other countries such as Colombia, Mexico and Uruguay later this year. Sebastian Serrano, CEO of Repio, says:
The announcement is a natural step for us to allow us to continue expanding and integrating our products in the region, providing access to the crypto world, creating simple tools and providing quality information and resources to pave the way for new digital. Economy
Crypto is still fresh for the lithium market
Ripio wants to capitalize on how the new cryptocurrency exists in the lip market. Outside of the already saturated cryptocurrency power like Venezuela, Argentina and Brazil, the region seems to be a particularly fertile ground for new business. Repior brand chief Juan Mendez said the company was preparing to announce an acquisition in Colombia. Colombia is a country where some crypto companies have entered, but it is still in the early stages of using and adopting crypto.
DCG is more confident that the exchange will continue to grow in the future, which will give underbanks in the region access to the cryptocurrency ecosystem. Jason Yakavon, chief investment officer at Digital Currency Group, said:
Repio is an important part of the digital resource ecosystem and its work is essential for expanding access to financial products across South America.
What do you think about the latest funding round of Repio? Tell us in the comments section below.
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