Argentine firm Ripio takes over Brazil’s second largest crypto exchange

Argentine crypto firm Ripio has acquired Brazil’s second largest crypto exchange called BitcoinTrade.

Ripio, a digital asset firm from Argentina, has bought BitcoinTrade, a major Brazilian crypto exchange.

According to Argentine newspaper Ambito, the acquisition Bitcoin Trader came as part of Ripio’s plan to expand in South America. BitcoinTrade is the country’s second largest crypto exchange by volume.

Sebastián Serrano, Ripio’s CEO and co-founder, said they acquired it to „expand access to the world of digital assets“ in the region.

„We are convinced that Ripio is the best company to continue on the path we have started with BitcoinTrade in Brazil,“ BitcoinTrade founder Carlos Andre Montenegro said.

Ripio was founded in 2013 and claims to be one of the largest crypto exchanges in South America. It has employees in Argentina, Brazil, Mexico, Uruguay and Spain. The company launched a crypto trading platform with over-the-counter services in 2019 and became one of the World Economic Forum’s tech pioneers last year.

In November, an Argentine lawmaker proposed creating a national framework for crypto in Argentina. The bill aims to address the problem with the „very arbitrary rules“ that govern Argentina’s crypto ecosystem.