Digital asset services firm Ripio said Tuesday that it acquired BitcoinTrade, Brazil’s second-largest crypto exchange, for an undisclosed amount. Ripio plans to bolster its presence in Brazil and across Latin America with the move.
"We’re very excited and confident that Ripio is the best choice to help extend the path we’ve built with BitcoinTrade in Brazil,” said BitcoinTrade founder Carlos Andre Montenegro in a press statement. Montenegro will exit his role as CEO but remain at Ripio, with BitTrade CFO Bernardo Teixeira taking over as chief executive.
BitcoinTrade was founded in 2017 and is now one of the main cryptocurrency exchanges in the country.
As previously reported by The Block, Ripio is one of a number of firms in Latin America that are advancing crypto-centric transactions in the region — particularly in the context of stablecoins. Ripio previously said that saw a significant jump in stablecoin activity during the first and second trimesters of 2020, chiefly in Argentina.