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Ripio, an Argentina-based cryptocurrency exchange, has announced that it will expand its operations to the United States. The company, which serves more than 4.5 million customers in Latam, received a license in the state of Florida to operate and will begin offering its Ripio Select services to corporate and institutional investors.
Ripio, one of the largest exchanges in Latam, with more than 4.5 million customers on the continent, has announced that it will expand its operations to the United States. The company received a license granted by the Florida Office of Financial Regulation, which will allow it to offer its suite of services to customers in the United States.
With this approval, the company is ready to bring its products to customers in the country, including its custodial wallet and exchange services, and its recently launched Web3 wallet. Ripio also plans to offer B2B integration with other companies.
Ripio decided to first introduce its Select platform, which focuses on offering crypto-based solutions to other companies and institutional investors. This will be the tip of the spear for the company in the country, with other services to be introduced later.
For Ripio co-founder and CEO Sebastian Serrano, this is a dream come true for the company and its investors. In a statement offered to Livecoins, Serrano declared:
We are very happy and proud to reach this goal as we worked hard to be able to operate in a country like USA, which is undoubtedly one of the dreams and achievements of every entrepreneur.
Furthermore, Serrano declared that the company chose the state of Florida due to its status as a crypto hub where Ripio’s Select platform has great potential.
Ripio had to comply with all the requirements of Florida’s financial regulation in order to operate in the state. The company is one of the few exchanges to have received audits by several Big Four firms, including PWC, KPMG and EY, and it is also registered with the Financial Crimes Enforcement Network (FinCEN).
Ripio, whose last funding round raised $50 million in September 2021, has managed to stay afloat and even expand during this downtrend in the cryptocurrency market that has affected several crypto exchanges and lenders such as Celsius and Blockfi.
The company announced its expansion into Colombia in April, stating that the operation would offer a financial education proposition. Later, in July, the company presented an educational textbook and released its own metaverse Web3-enabled wallet.
What do you think about the expansion of Ripio to the US? Tell us in the comments section below.
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