• Latin American crypto services provider Ripio has been approved to operate as an exchange by the Bank of Spain.
• The company has 8 million users and transacts $200 million per month.
• Ripio raised $50 million in a Series B funding round last year to expand in Latin America.
Ripio Approved to Operate in Spain as an Exchange
Latin American crypto services provider Ripio has been granted approval from the Bank of Spain to operate as a “provider of virtual currency exchange services for fiat currency and custody of digital wallets” according to an announcement made on Tuesday. This is the latest in a number of licenses granted by the Bank of Spain to crypto companies.
Since its foundation in Argentina, Ripio now operates in Brazil, Uruguay, Colombia, Chile, Mexico and the United States with 8 million users who transact $200 million per month. Last June, it was part of the launch of LaChain – a new layer one blockchain created using the Polygon Supernets platform focused on responding to specific needs in Latin America maintained by regional companies such as SenseiNode, Num Finance, Cedalio and Buenbit.
In September 2021, Ripio raised $50 million in a Series B funding round to expand its operations throughout Latin America.
Leaders In Crypto Licensing
The Bank of Spain has granted several crypto licenses including Bit2Me being the first company followed by Bitpanda, Crypto.com , Bitstamp and BVNK receiving approval thereafter.
Ripio founder and CEO Sebastián Serrano said in a tweet: “After much hard work, Ripio finally approved to operate in Spain.”