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Latin American cryptocurrency exchangeRipiois reportedly making payment and tokenization products for businesses abiggerpart of its offerings.

The company is doing so even as its retail trading businessis benefitingfrom the crypto rally, BloombergreportedFriday (May 24).

Already, Ripio is seeing cryptobeing usedto help Brazilian importers pay Chinese suppliers, Argentine companies hedge against inflation, and remittance transactions move from the United States to Mexico, according to the report.

These uses have helped the company grow its customer base to more than 10 million users and expand its operations to eight countries in the Americas and Europe, including the U.S., the report said.Ripio also has more than 1,000 business clients.

While retail trading will probably account for most of the companys revenue this year, Ripio aims to decrease its dependence on that business and add more products for businesses, Ripio CEOSebastian Serranotold Bloomberg.

Serrano added that he believesbusinesses could account for 80% of Ripios revenue by the end of the decade, per the report.

Maybe therate of adoptionwill be slower, but companies are always looking for ways to improve costs and time, and this technology is superior to traditional payments methods, Serrano said in the report.

In another development in the crypto space,Bakktsaid in January that it expanded itscrypto tradingcapabilities to Brazil, Guatemala, Spain, Hong Kong and Singapore.

In Brazil, Guatemala and Spain,Bakkt is working with stock trading platformHapi.Together, the two companies offer active crypto trading capabilities in those countriesas well as two countries in whichthese capabilities were already live: Argentina and Mexico.

The report also comes at a time when theSecurities and Exchange Commissions approval of spot bitcoin exchange-traded funds (ETFs) earlier this year has brought in new investors, reignited excitement aroundcryptocurrency, and reversed the collapse in prices thatwas seenduring the crypto winter of 2022.

Thishas fueled a surge in spot buying and spot bitcoin ETF purchasing.

In addition, venture capital investment in cryptocurrency companies is increasing after nearly two years of cooling.

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Ripio Expects Growing Adoption of Crypto Among Latin American Businesses - PYMNTS.com