Crypto firm Ripio has partnered with crypto finance firm Circle to accelerate the adoption of the USDC stablecoin across Latin America.
Founded in 2013, Ripio is one of the biggest crypto companies in Latin America. With over 300,000 users in Argentina, Brazil and Mexico (and in current expansion to Peru, Chile, Uruguay, Paraguay and Colombia), the company is one of the main promoters of the new digital economy in the region. In late 2017, Ripio raised over $37 million through its initial coin offering (ICO) to launch the Ripio Credit Network, its global peer-to-peer credit network based on ethereum smart contracts.
Founded in 2013, Circle is a peer-to-peer payments technology company. Circle’s platform has supported over 100 million transactions worth tens of billions of dollars, with nearly 10 million retail customers, over a thousand businesses, while storing and securing more than $5 billion in digital currency assets. Circle is also a principal developer of USD Coin (USDC), which together with Coinbase and the Centre Consortium oversees the standards and protocol for what has become the fastest growing, regulated, fully-reserved stablecoin. USDC now stands at a $2.8 billion market cap and is adding nearly $300 million net new digital dollars in circulation every week.
As part of the partnership, Ripio will leverage Circle’s platform services to support USDC liquidity and fund flows across its exchange and wallet products. Ripio also unveiled “Ripio Earn,” a USDC yield account that provides a six percent annual interest rate return. The minimum amount to access Ripio Earn is 50 USDC while the maximum placement amount will be 5,000 USDC. The initial interest rate for Ripio’s yield-generating product is 6% annually. Currently, Ripio Earn is available to customers throughout Argentina and Brazil.
“From crypto traders and investors to freelance workers and small business owners, the rush to stable assets is growing rapidly, and Ripio continues to be at the forefront of this trend with product and services that make the acquisition and usage of ‘crypto dollars’ fast, efficient and low cost,” said Sebastian Serrano, Ripio co-founder & CEO. “The addition of Ripio Earn for our customers in Argentina and Brazil is an enormous leap forward for those who want to participate in the DeFi economy and generate additional income from our interest-bearing accounts. We are very happy to have a partner like Circle with a powerful and flexible stablecoin platform that keeps pace with our rapidly evolving product suite, and shares our vision for a more fair and inclusive financial system.”
“Ripio is a fintech pioneer that continues to be in the vanguard of not only the crypto industry, but also the broader consumer and B2B finance sectors in Latin America,” said Circle co-founder & CEO, Jeremy Allaire. “We are excited to see Ripio take advantage of our platform services to accelerate the adoption of digital dollars and introduce innovative new products like Ripio Earn. From investors to gig-economy workers, the broad availability of digital dollars championed by Ripio promises to increase access to new economic opportunities for many more people than previously possible.”
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