Ripio, a cryptocurrency services firm based in Argentina, has disclosed a major acquisition in an announcement made on the 5th of January. The firm said that it has successfully acquired BitcoinTrade, which is known as the second-biggest digital currency exchange in the Federative Republic of Brazil. With this acquisition, the company intends to expand its footprints across Latin America and Brazil.
The firm, however, has not unveiled how much it paid to acquire the BitcoinTrade digital currency exchange, neither it disclosed the acquisition deal’s financial terms.
While talking about the company’s expansion plans across the cryptocurrency market of Brazil, the Co-Founder and the Chief Executive Officer (CEO) of Ripio Sebastian Serrano said in a statement that the Brazilian market has always remained a crucial one for them. Serrano also said that as a second-largest digital currency exchange, BitcoinTrade has earned a great reputation over there in the crypto market of the country. Moreover, he said that the user base of the exchange is also very vast in the country and touches the figure of 300,000.
Carlos Andre Montenegro, the founder of BitcoinTrade, called Ripio a good choice, which may assist them in expanding the path that they have developed in the country of Brazil. He said that they are happy to become a part of this cryptocurrency services providing firm.
Andre Montenegro will reportedly be leaving its position of Chief Executive Officer very soon and will hand over his executive post to the present CFO of the BitcoinTrade exchange Bernardo Teixeira.
The crypto firm Ripio was established in the year 2013, and since its year of establishment, it has continuously been expanding its footprints across different regions. As of now, there are around 150 employees of the company from across different regions, including Mexico, Argentina, Spain, Brazil, and Uruguay.
This is not the first acquisition made by Ripio as the firm acquired, back in the year 2015, another major cryptocurrency exchange, Unisend, which is based in Latin America. With this acquisition, it expanded its presence across Latin America. The purpose of the firm behind the latest acquisition is also the same.