This Friday Ripio, one of the pioneer companies in the Latin American crypto ecosystem announced the opening of its operations in Uruguay.
The firm that has three million users at a regional level, will invest US$ 3 million initial capital in the country. Through its platform, users in Uruguay will be able to buy, sell and store crypto assets.
“This landing is a project that we have been building for more than a year because we believe that Uruguay has extraordinary potential in relation to cryptocurrencies. We want to become allies of Uruguayans to bring them simple tools and provide them with reliable information, always with the aim of educating and allowing them to make intelligent and conscious decisions regarding their personal finances”, said Sebastián Serrano, CEO and founder of Ripio.
The inauguration event took place this Friday at the World Trade Center and was attended by the Minister of Industry, Energy and Mining, Omar Paganini, and the Executive Director of Uruguay XXI, Sebastián Risso.
The WTC illuminated in violet for being the color that identifies the Ripio company
“We have a very ambitious project that seeks to double, by 2023, the current staff of collaborators, incorporating professional talent specialized in products and technology,” said Martín Benítez Aramendia, Country Manager of Ripio Uruguay.
As part of the growth process that Ripio has been unfolding, in January 2021 the platform acquired the firm Bitcoin Trade, one of the main exchanges in Brazil. Then, in September, it launched Ripio Coin (RPC), its own Ethereum-based token that grants Ripio users exclusive benefits and discounts. In parallel, Ripio is moving forward with the expansion of its services to more countries, including Colombia, and the launch of new products for users in Argentina and Brazil.
One day before, The CEO of the Crypto Binance company, Changpeng Zhao, met with the Uruguayan president Luis Lacalle Pou. The businessman assured through Twitter that they talked about blockchain and the economy and affirmed that the president kept his card.
Had the pleasure of meeting President @LuisLacallePou of Uruguay a few days ago. Strong, confident and very chill. I gave him my card, and he just held it like that. ? Discussed high level blockchain, economy, etc. No specifics, no endorsements. pic.twitter.com/hiqv2oqBtY
— CZ ? Binance (@cz_binance) March 24, 2022
Although at the moment there is no legal framework that contemplates cryptocurrencies in Uruguay, the Central Bank prepared a document at the end of 2021 that approaches the “management of virtual assets in Uruguay”.
This report ensures that virtual assets could constitute a significant source of risk for price and financial stability, compromising the objectives of promoting soundness, solvency, efficiency and development of the financial and payment system.
