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Latin American Crypto Exchange Ripio Unveils DeFi Credit Card With Visa
The card will allow users to access up to 30% of blocked assets in a liquidity pool.
Updated Sep 13, 2024, 3:31 p.m. Published Sep 13, 2024, 3:29 p.m.
- Ripio announced a DeFi credit card in partnership with Visa, with which it introduced a prepaid debit card in 2022.
- Users will be allowed to use up to 30% of the amount locked in a Compound-based liquidity pool with several cryptocurrencies, including bitcoin and ether.
Latin American cryptocurrency exchange Ripio is testing a blockchain-linked Visa credit card that allows users to make payments with part of funds locked in a DeFi liquidity pool, CEO Sebastian Serrano said Thursday.
Ripio users will be able to make purchases using up to 30% of the amount locked in a Compound-based liquidity pool that will support bitcoin , ether , USDC, USDT and Ripio's dollar-tied stablecoin, cryptodollar (UXD), Serrano said at Ripio’s Modular Summit event in São Paulo, local newspaper Valorreported.
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"We are going to do a test with users first, and there will come a time when we will open it up to everyone. It’s a proof of concept where we will have a lot to validate," he said. Customers can join a waiting list to access the card.
In 2022, Ripio introduced a prepaid Visa debit card that allows purchases to be made with cryptocurrencies and gives cash rewards in bitcoin.
Ripio operates in Argentina, Brasil, Uruguay, Colombia, Mexico, Chile, the U.S. and Spain. The company says it reached over 10 million users and 2,000 institutions.
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