Argentina-based cryptocurrency exchange Ripio has announced that it is expanding its operations to the United States. The company, which serves more than 4.5 million customers in Latin America, received a Florida license to operate and will begin offering its Ripio Select service to corporate and institutional investors.
Ripio Expands to the US
Ripio, one of the largest exchanges in Latin America, with more than 4.5 million customers on the continent, has announced the expansion of its operations to the United States. The company received a license from the Florida Office of Financial Regulation, which will allow it to offer the full suite of services it offers to US clients.
With this endorsement, the company is ready to bring its products to customers in the country, including its hosted wallet and exchange services, as well as its newly launched Web3 wallet. Additionally, Ripio plans to offer B2B integrations with other companies.
Ripio decided to launch its Select platform first, which is focused on providing 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 follow later.
For Ripio co-founder and CEO Sebastian Serrano, it’s a dream come true for the company and its investors. In a statement provided to Livecoins, Serrano declared:
We are very happy and proud to have achieved this because we have worked so hard to be able to start a business in a country like the US, which is certainly one of the dreams and achievements of any entrepreneur.
Additionally, Serrano announced that the company chose Florida because it is a cryptocurrency hub and that Ripio’s Select platform has great potential in the state.
Compliance and Growth
Ripio must comply with all requirements of Florida financial regulations in order to conduct business in the state. The firm is one of the few exchanges audited by the Big Four accounting firms including PwC, KPMG and Ernst & Young, and is also registered with the Financial Crimes Enforcement Network (FinCEN).
With its latest round of funding raising $50 million in September 2021, Ripio has managed to stay afloat and even expand amidst the crypto market downtrend that has impacted several crypto exchanges and lenders including Celsius and Blockfi.
The company announced its expansion into Colombia in April and said its business will provide financial education advice. Later, in July, the company launched an educational textbook and released its own metaverse Web3-enabled wallet.
What do you think of Ripio’s entry into the US market? Tell us in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons
disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.