Just read Ripio Rolls Out Crypto-Powered Loans Across Latin America

Ripio Rolls Out Crypto-Powered Loans Across Latin America

The Buenos Aires-based company raised $37 million in an initial coin offering (ICO) last year to build the Ripio Credit Network, which matches individual lenders and borrowers across the globe through ethereum smart contracts. Ripio CEO Sebastian Serrano told CoinDesk:"We have people from Asia funding people in South America, which is something you cannot do with another [app]." Although the startup doesn't have data on how many unbanked users are on its platform, a survey of 1,000 Ripio users revealed 19 percent didn't have a credit card. Further, "the entire lifecycle of the credit and the loan" is contained in the smart contract on the blockchain, Serrano said. Speaking to the demand for such cross-border conduits, Siri added: "Latin America is a very fertile region for the deployment of cryptocurrency infrastructures."

Read the full article at coindesk

Wednesday, September 19, 2018