One of the most important cryptocurrency platforms in Argentina has decided to land in Mexico and keep its expansion plan in Latin America. On August 14, 2018, the company will be launching a virtual currency wallet in Mexican soil.

Ripio Lands in Mexico

The company wants to enter to the Mexican market as a remittance company. It is very important for Mexicans that live abroad and send money back to the country. Furthermore, the firm aims to compete as a crypto exchange, and in the electronic commerce field.

Karina Claudillo, General Manager at Ripio Mexico, explained that during the first step, they will be focused in their cryptocurrency wallet. After it, they will launch other services such as an exchange, credit products and more.

Claudillo explained on the matter:

“For us, the Mexican market is divided in three big groups of users: remittance, valued at $28.771 million dollars; e-commerce, valued at $7.580 million dollars; and cryptocurrency trading, that we estimate that more than 8 thousand BTC were traded during the month of July. Is a very attractive market and more in a country like Mexico where there are no strong competitors.”

Additionally, in order to enter the market, they will be promoting how to use blockchain technology and cryptocurrencies. At the same time, Ripio will be expanding into other countries, such as Chile and Colombia, other important market for virtual currencies.

“We go for all Latin America focused in financial inclusion, once we launch these three new countries, we will go for the other countries,” stated Claudillo.

Ripio is now operating in Argentina and Brasil and has more than 200,000 registered users. The first part of the year has registered 6 million dollars’ revenue. The startup started operations back in 2013 and has expanded in several countries gaining an important number of users.

The company is working day after day in order to offer the possibility to enter the financial market to people that has no bank account. Ripio has a cryptocurrency known as RCN or Ripio Credit Network that connects lenders and borrowers all over the world, this overtakes most banking and peer-to-peer loan solutions.

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