Argentina's Ripio sets up shop in Florida in first U.S. move

Quick Take

  • The Buenos Aires-based exchange already has more than 600 users in the U.S.

Ripio, a Buenos Aires-based crypto exchange, is opening in Florida — its first foray into the U.S.

The firm, which has 4.5 million users and is going on a decade in business, has received regulatory approval already to start operations in the state with Ripio Select. The offering is targeted towards companies, institutional investors and high net worth individuals.

Ripio already has more than 600 clients in the region.

“We chose Florida because it is a very interesting crypto hub and we believe our products like Ripio Select have a lot of potential,” CEO and co-founder said Sebastian Serrano in a statement.

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Florida, and Miami in particular, have made efforts to attract the crypto industry. Earlier this year, Gov. Ron DeSantis signed legislation defining and deregulating cryptocurrency starting Jan. 1.

Miami Mayor Francis Suarez told the Miami Herald in July that he is still focused on making the city a crypto capital, and was converting 100% of his city salary into Bitcoin.

Ripio Select is a premium service for large-scale crypto operations and requires a minimum invest