Medici Ventures, online retail giant Overstock.com’s blockchain subsidiary, has brought bitcoin startup Ripio to its portfolio of strategic blockchain-focused investments through participation in the latter’s Series A funding round.
According to CoinDesk, Medici Ventures has contributed $428,000 in the latest funding round of Ripio. In addition to equity position, Medici Ventures will take an observer’s seat in Ripio’s board of directors meetings.
“Ripio has simplified the peer-to-peer payment system in a way that is accessible to anyone with a smartphone, no matter his or her level of technical sophistication,” said Medici Ventures’ President Jonathan Johnson. “This is exactly the type of life-changing application of blockchain technology that Medici Ventures is interested in.”
Founded in 2014, Ripio is a full suite of financial services with more than 70,000 users across Latin America. Its bitcoin financial services suite leverages the blockchain and traditional payment rails to enable Latin America’s unbanked and underbanked population to buy and sell bitcoins using local currencies, and to pay for goods and services through a simple, direct transfer to peers and merchants. The startup is currently in the process of expanding to other countries in the region, including Mexico and Colombia.
“We are super excited to partner with Medici Ventures team,” stated Sebastian Serrano, CEO and Co-Founder of Ripio. “This investment and their experience will help us to leverage our vision of democratizing access to financial services in emerging markets. We are honored to be part of its portfolio and we look to strengthen our synergies in the near future.”
Launched in 2014, Medici Ventures is the parent company of t0.com, which recently aided Overstock.com in completing the world’s first blockchain-based stock offering on its proprietary platform. Its blockchain-focused investments include t0.com, Peernova, Bitt, SettleMint, Factom, IdentityMind, and Ripio.
