Latin American Crypto Firm Ripio Granted Approval to Operate as Virtual Currency Exchange Service in Spain

Ripio, a crypto services provider based in Latin America, has been granted authorization by the Bank of Spain to operate as a virtual currency exchange and provide custody services for digital wallets. The approval marks a significant milestone for Ripio, which has been diligently working towards expansion in Spain. Sebasti├ín Serrano, the CEO of Ripio, took to Twitter to express his joy, stating, “After much hard work, Ripio finally approved to operate in Spain.”

The landscape of cryptocurrency in Spain has been witnessing a gradual shift, with more companies gaining recognition and securing licenses from the Bank of Spain. Bit2Me, a renowned Spanish crypto exchange, was the first to acquire a crypto license from the central bank. Following suit, other prominent names in the industry such as Bitpanda, Crypto.com, Bitstamp, and BVNK have also received approval to operate in the country.

Originally founded in Argentina, Ripio has expanded its operations to various countries, including Brazil, Uruguay, Colombia, Chile, Mexico, and the United States. With a user base of 8 million individuals, Ripio facilitates transactions worth $200 million each month. The approval from the Bank of Spain holds great promise for the company as it seeks to extend its reach and cater to a wider audience.

In June, Ripio made headlines by becoming a part of the launch of LaChain, a new layer one blockchain that utilizes the Polygon Supernets platform. This blockchain is specifically designed to address the unique requirements of Latin America and is maintained by regional companies such as SenseiNode, Num Finance, Cedalio, and Buenbit. The inclusion of Ripio in this project further strengthens its position in the Latin American crypto market.

To support its ambitious expansion plans in Latin America, Ripio successfully raised $50 million in a Series B funding round in September 2021. This funding injection will enable the company to further enhance its presence in the region and accelerate its growth in key markets.

The approval granted by the Bank of Spain signifies the trust and recognition Ripio has garnered within the crypto industry. With its extensive user base, significant transaction volume, and strategic partnerships, Ripio is well-positioned to capitalize on the growing demand for crypto services in Spain and Latin America.

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