DeFi Loans with Argentine Peso? Startup launches novelty that can reach Brazil
A company that recently integrated with cryptomeda Chainlink announces promising news in Latin America.
The Argentinean startup Ripio Credit Network has innovated once again in the Latin American market of cryptomorphs. This is because, in the last few days, the DeFi Loan Resource with Argentine Peso has been launched.
Ripio is one of the main fintechs in South America, also operating in Brazil. In the last few days, for example, it has bought the Brazilian broker BitcoinTrade, one of the largest in the country.
With the increase of its operations in the region, Ripio Credit Network (RCN) started to make its cryptomeda available for more functionalities. As a token Ethereum, Ripio Credit Network (RCN) recently entered into an important partnership with cryptomoeda Chainlink.
In Argentina, the DeFi functionality has begun to be tested by the population.
RCN Token now allows DeFi loans with Argentine Peso
Fintech Ripio Credit Network has released in the last few days an important novelty for South America’s cryptomorphic ecosystem. The novelty, shared even by Ripio’s CEO and Founder, Sebastian Serrano, is that Ripio Credit Network now allows DeFi loans with the Argentine peso.
According to the explanation of the new feature, RCN clients will be able to borrow from Peso Argentino. For that, they will have to leave as guarantee a quantity of RCN or USDC tokens.
„This new alternative will allow borrowers to apply for funds in Argentine pesos, becoming the first fiat-driven debt solution in the DeFi ecosystem,“ RCN said in a statement to the public
This is a pioneering solution in the region, being the first DeFi alternative in South America with fiduciary currencies. The partnership was made possible by a recent agreement between RCN and Cryptomoeda Chainlink.
Fintech said that DeFi, although promising, had not yet reached the Latin American region.
In the region, according to fintech, only 51% of adults have access to banking services.
With the new DeFi solution, the company is putting cryptomoeda as an option to address this reality.
The company believes that more loans could be made in other currencies in the near future.
One of the main oracle cryptomorphs, Chainlink was instrumental in RCN’s initiative. According to fintech Argentina, after the partnership with the platform, any fiduciary currency can be integrated with the solution.
„[…] Peso Argentino (ARS) , which is now available as a Loan Currency in the Credit Market thanks to the BTC / ARS Price Feed created by Chainlink. But ARS is just one of the dozens of currencies that can be listed using this method, which once the initial integration is completed, becomes extremely cheap and fast,“ RCN said in a statement
Livecoins approached RCN to comment on whether there are plans to allow Defi loans with the Brazilian Real as well.
DeFi with Brazilian Real will be in studies in the first quarter of 2021
In a conversation with Juan Charovsky, head of communication at RCN, he was informed that the listing of a DeFi with the Brazilian Real depends on the size of the market.
„We would have to assess the size of the potential market, but if it is large enough, listing loans denominated in Real is a possibility,“ Juan told Livecoins in a note.
In any case, the startup has defined that the RCN community should help to lead the movement of the next listings. That is, a possible DeFi loan with Real is open, with studies to be done still in the first quarter of 2021 by RCN.
„As for the loans denominated in Real, the evaluation process will start during the first quarter“, he told Livecoins
Finally, Juan stated that although RCN originated in Ripio, today it is an independent project. This, however, does not prevent Brazilians from already testing the platform.
„Although RCN originated from Ripio a few years ago, it is now an independent project. RCN can be used worldwide, and users in Brazil can already use the platform in several cryptomaps,“ concluded the head of communication at RCN.