Ripio acquires Brazil’s second-largest crypto exchange, BitcoinTrade. Ripio (formerly named BitPagos), the leading blockchain company in Latin America’s fintech space, ended up at a high in 2020, hitting the 1 million user threshold.
According to Ripio CEO and co-founder, Sebastian Serrano, the firm started looking out for a good match in Brazil and settled on BitcoinTrade. There was no disclosure of the financial terms of the contract.
Serrano shared in an interview that “Brazil has always been a very important market for us. BitcoinTrade has a very good reputation in the market, very good processes and compliance. It also has a very meaningful user base – about 300,000 users in Brazil – and very good volumes on the exchange.”
“We have a very good relationship with Bitso. 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.” he added.
Draper Ventures, Pantera Capital and Digital Currency Group have also raised capital from the company. In 2015, Ripio purchased Unisend, another Latin American Bitcoin exchange.