A new partnership emerges to further facilitate the adoption of stablecoins in the region.
Buenos Aires, August 24, 2023. Ripio, the pioneer company in the cryptocurrency sector in Latin America with a reach of more than 8 million users and more than ten years in the market, joined Algorand, the blockchain network that offers a more efficient, faster and cheaper platform for crypto payments and transfers, and for the development of decentralized applications known as dApps. Now, Ripio Wallet and Ripio Trade users in Argentina and Brazil will be able to use the network to send or receive USDC and USDT, as well as buy and sell $ALGO, the network's native cryptocurrency.
Building on Algorand strengthens Ripio's commitment to continue contributing in an innovative way to crypto adoption in Latin America, offering the best options for both individuals and companies that want to take advantage of all the benefits of the digital economy in a secure way.
How does Algorand work?
Algorand is a Layer 1 blockchain capable of executing transactions and smart contracts with speed and scalability, reaching a throughput of 10,000 transactions per second and finalizing blocks within 3.3 seconds.
Algorand's Pure Proof of Stake consensus mechanism provides security without compromising scalability, while keeping transactions accessible (fraction of a cent) and with a negligible carbon footprint.
Ripio use cases and user benefits
By choosing to operate with the Algorand network, Ripio users can transfer USDC, USDT and $ALGO to more platforms that accept this protocol and, even better, at a lower cost, much more easily and securely.
In the case of Ripio Trade, an exchange designed for expert cryptocurrency trading users, where they can place peer-to-peer buy and sell orders and choose from different types of orders, users from Argentina will be able to trade the Algorand token ($ALGO) against USDC and USDT, as well as send and receive USDC and USDT through the Algorand blockchain itself.
With Ripio Wallet, the web platform and app designed for users who want to buy, sell, and manage digital assets in a simple and secure manner, users will be able to buy and sell $ALGO, as well as send and receive USDC and USDT through the blockchain.
“At Ripio, since our beginnings 10 years ago, we have been committed to contributing to the innovative and secure development of the cryptocurrency ecosystem in Latin America. Partnering with Algorand is a clear example of pursuing that goal, as we move towards a multi-chain world that allows us to offer a new alternative with benefits for users in our products, Ripio Wallet and Ripio Trade.”, commented Sebastián Serrano, CEO and Co Founder of Ripio.
"We have an amazing ecosystem of projects building in Latin America and are thrilled to partner with Ripio to bring Algorand to more users in the region, enabling them to transact stablecoins, USDC, and USDT, on Algorand in a frictionless, cheap, and efficient way", said Min Wei, EVP of Ecosystem Growth at the Algorand Foundation.
About Ripio
Ripio leads crypto adoption in Latin America with a 10-year track record in the market and a reach of more than 8 million users. The company offers innovative solutions based on blockchain technology: Ripio Trade the trading platform, Ripio Wallet the web and app platform for buying, selling, and managing digital assets, Ripio B2B, a service that provides support and technology for companies to incorporate cryptocurrencies into their products, Ripio Select, a solution developed for high-net-worth individuals and institutional clients, Ripio Card, an international prepaid card in partnership with Visa for making direct debit payments from users' wallets, and also Ripio Portal, the first multi-chain Web3 wallet developed in the region.
In 2023, the company announced the launch of LaChain to the market, a LI blockchain developed to meet the demands of the Latin American market, and the first use case of the network is: Criptodólar UXD, the first stablecoin linked to the value of the dollar created by Latinos for Latinos. LaChain is the native network of UXD and also has support on other blockchains like Ethereum and Polygon.
Ripio has a presence in eight countries: Argentina, Brazil, Uruguay, Colombia, Mexico, Chile, the United States, and Spain, and its leadership in the region is recognized by the World Economic Forum (WEF). Some of the most important names in Silicon Valley, such as Tim Draper, Digital Currency Group, Medici Ventures, among others, are its main investors.
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About Algorand Foundation
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem. Designed by MIT professor and Turing Award winning cryptographer Silvio Micali, Algorand is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis.
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