The Ripio Token Sale
BitPagos which is now known as Ripio has just finalised their Initial Crowd Offering of $37mm, via contributions of 121,300 ETH . The sale was finalised on November 5th. They also conducted a pre sale where they raised $31mm, receiving support from capital partners like FBG Capital and Blocktower Capital.
What is Ripio?
In short, Ripio is a digital wallet to send and receive money, buy and sell bitcoins and pay in instalments without a credit card where the user has the ability to request a credit line to finance online payments. The service is currently offered throughout Latin American countries.
Ripio was founded in the middle of 2014 by Argentinians (Sebastian Serran and Luciana Gruszeczka). The company has grown over the years and is now a very prominent player in the BTC wallet industry in Argentina. They are already established and have a vast user base that is at the very least, over 90,000. This track record has enabled them to grown at a steady pace and have closed out their ICO in order to fund further growth.
Ripio’s latest advancement and focus post ICO will be their credit for everyone aspect, they are only offering this to their Argentinian users at the moment. But what this service offers is more flexibility for Argentinian users, they are able to make instalment payments without a credit card or bank account for any website that accepts BTC. This is an improvement in the quality of life for it’s users as they now able to gain a further use for their BTC.
Furthermore, the Ripio Credit Network, their latest extension, will serve as a p2p lending platform, using the token and its associated smart contracts to secure each loan. The system is designed to bring each of the necessary parties involved in every loan transaction, including a co-signer on each loan accounting for defaults and other issues.
The company is also seeking to expand to South Korea and Vietnam.
What exactly does Ripio do for the user?
The problem that Ripio solved is the ability to purchase and sell BTC with the local Argentinian and Brazilian currencies (Pesos and Reais). Users are able to conduct various operations like adding to their wallets (through cash or a bank transfer) then use the balance to purchase BTC and make online payments. As stated above they are now looking to work on global lending issues.
What has Ripio done in the past?
They have built their service and has also conducted an acquisition in 2015 Q4 of Unisend (a BTC exchange in Argentinian Pesos) which paved the way for Ripio Exchange. They’ve also expanded their service to other regions like Brazil and Mexico.
Keep a lookout for Ripio!
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