Blockchain ecosystem MakerDAO announced that is has partnered with South American crypto exchange Ripio list its Dai stablecoin. As of now, Dai is available for Ripio exchange users in South America where they will be able to buy and sell Dai through Ripio, and its app.
Ripio will be listing Dai in Argentina, Brazil and, very soon, Mexico, which means Ripio will provide the infrastructure for on an off-ramp from fiat to Dai in Argentine pesos, Brazilian reals, and Mexican pesos.
With its more than 200,000 users, Ripio is a 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.
Ripio was born from BitPagos: a payments processor that allowed people to send or receive payments in Bitcoin. “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.
Case for Dai
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 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.