In addition, Medici, the blockchain-focused subsidiary of US e-commerce pioneer Overstock.com, will take an observer’s seat in Ripio’s board of directors.
The company intends to use the funds ti grow operations and market reach.
Led by Sebastian Serrano, CEO and Co-Founder, Ripio provides a bitcoin financial services suite that utilizes the blockchain and traditional payment rails to allow Latin America’s unbanked and underbanked population (as high as 70% in some areas) to buy and sell bitcoins using local currencies, and to pay for goods and services through a direct transfer to peers and merchants.
The platform currently has over seventy thousand users across Argentina and Brazil, and is in the process of expanding to other countries in the region, including Mexico and Colombia.
Investors in the company include Tim Draper, Boost.VC, Huiyin Blockchain Ventures and Digital Currency Group.