With an increasingly volatile Peso, Argentinian citizens are beginning to look toward cryptocurrency as a way to protect themselves from exchange rate fluctuations. This, in turn, has led to a wave of fintechs leveraging their businesses with digital assets, as is the case of startup Ripio, which builds financial products using blockchain and proudly describes itself as a “promoter of the new digital economy.”
The economic tension caused by the Covid-19 crisis has aggravated Argentina‘s already fragile fiscal situation, leading to a further drop in the Peso against the U.S. Dollar. After years of crisis, mounting inflation, and high foreign debt, greenbacks are the only currency Argentinians rely on for important transactions, such as buying or selling property.
It is in this dollar-dominant system that cryptocurrency may find a foothold as another solution for Argentinian citizens to protect themselves from the volatility of their national currency. At least, that is the view of Ripio CFO Matías Dajcz, who is on a mission to convince the country that digital assets can be as reliable as U.S. Dollars.
The startup is one of many in Latin America that are banking on cryptocurrency, but it claims to be the fastest-growing. Beyond Argentina, Ripio also operates in Brazil, Mexico, Uruguay, and Spain.
Ripio is the Spanish word for gravel, and the company claims that “like gravel, we open new paths.” The goal is to provide financial inclusion to Argentinians who do not...
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