4.5 million users strong Argentine cryptocurrency exchange expands to the US

The CEO of the Argentine cryptocurrency exchange Ripio, Alejandro Rothamel, recently announced that his business is expanding to the US as part of a larger attempt to increase its global presence. He also clarified that the action is meant to both satisfy their customers’ needs and to enhance the company’s standing.

The recent expansion of Ripio into Florida is the company’s first step in forging a foothold in the United States. The CEO of the company claims that Ripio already has a clientele in the cryptocurrency-friendly state and mostly works with institutional and affluent clients. According to reports, another justification for locating their business in Florida was the state’s sizable Latino population due to “the added value of speaking the same language.”

Around 4.5 million people use the 2014-established exchange Ripio in Argentina. Despite the fact that the United States is fresh ground for his business, Rothamel said he expects Ripio will be able to compete with the established exchanges when speaking about his aspirations for growth within the country.

The CEO also mentioned the US as a nation with a complicated regulatory environment for cryptocurrencies, most likely making reference to the contentious acts of the SEC and the CFTC. According to Rothamel, his business anticipates that the present “crypto winter” will linger for a while, but they also think 2023 will be a better year for the industry. The CEO claims that the expansion has been planned for at least a year.

The recent US expansion of Ripio is yet another indication of the region’s expanding digital asset market. On the continent, this year has already seen a number of significant developments from local businesses, governments, and well-established behemoths like Binance, which recently opened two new offices in Brazil.

Late in August, Florida began accepting cryptocurrency tax payments, joining the pioneering Zug canton in Switzerland and Argentina’s wine-producing Mendoza state. El Salvador likewise gained notoriety when it accepted Bitcoin as official cash last year; but, due to the current “crypto winter,” the nation is apparently switching to dollar-cost averaging.

Due to the participation of 11 of the nation’s most renowned tech businesses, Brazil’s Liquia Digital Assets already introduced South America’s first security token in 2018. This token was given the name BR11. More recently, in October 2022, the Nubank-backed company made an announcement about its intention to launch its cryptocurrency the following year.