Dai is now available on the Ripio exchange! For the first time, users in South America will be able to buy and sell Dai through Ripio, and its app, jointly achieving a new milestone in financial development of the region.
Ripio came from BitPagos: a payments processor that allowed people to send or receive payments in Bitcoin. Eventually, it became clear that the user experience be fined tuned to local conditions of Latin America, where banking infrastructure was lacking and most transactions were made in paper money.
Add to that the well-known problems with use of stable currency in Argentina and Ripio was born!
“We decided to launch Ripio to develop what we call ‘the infrastructure side’, which allows people to store and exchange cryptocurrencies for pesos and also use it as a way to send or collect payments,” said Sebastian Serrano, founder of Ripio.
Ripio will be listing Dai in Argentina, Brazil and, very soon, Mexico, which means Ripio will provide the infrastructure for on / off ramp from fiat to Dai in Argentine Pesos, Brazilian Reais and Mexican Pesos.
With its more than 200,000 users, Ripio is a clear leader in the South American region, which makes it an excellent partner for MakerDAO and Dai. Both projects are committed to working together to bring economic stability to South America with a decentralized stablecoin.
South America is a natural and strong fit for Dai, where remittances play a big role in local economies across the region. Dai will let people send money across borders without suffering volatility, censorship or delays, items that might seem trivial for some, but are are critical issues in many parts of the world. Another important use case for South and Central America is loans. At this very moment, the interest rate for personal loans in Argentina is getting close to 70% APR and in Mexico it’s 40% APR.
We truly believe Dai has the potential to level the economic playing field for everybody. We encourage teams and projects of South America to build services around Dai Credit System, where decentralization, speed, security and a stability fee, currently at 2.5%, are clear competitive advantages over the current options.
Ripio partnership is just the first step of our expansion strategy to the continent, expect more news and initiatives that will fulfill one of the most important principles of our Foundation Proposal.