Credit, is one of the most essential functions of the global financial system. The concept of credit involves a mechanism where the saved surplus funds of some people are subsequently on-lended to others who need it, at an interest.
How does Ripio then fit into this credit space? Ripio aims to chart a new path in the digital economy. The project will be seeking to widen financial inclusion such that credit and lending services will be more readily available to anyone first in the Latin America region and this will be subsequently expanded to cover other parts of the globe.
The Ripio journey started in the year 2013 when the company BitPagos was launched as the first Latin American Bitcoin payment platform that offered bitcoin-based financial services to customers. The company launched Ripio a year later; Ripio was initially launched as a digital wallet that enabled customers to receive, store, send and buy or sell bitcoin in local currencies. It also had a feature that assisted with online payments. The entire BItpagos Company decided to rebrand as Ripio in January 2017 as the company direction was transformed to meet existential client needs. As it stands, the company has over 100 thousand clients and they intend to leverage this to propel this online and blockchain-based lending project.
The Ripio Credit Network will work based on a peer-to-peer (P2P) network based on co-signed smart contracts. Ripio will be democratizing lending on blockchain by eliminating the role of middlemen such as banks and other financial institutions. This will help in removing the bottle-necks and high loan fees that are a prominent feature of the traditional financial system. The team believes that this approach will help get much needed financial relief to those who need it quickly and cheaper and this will play a part in reducing global poverty.
With years of experience in the field and a large pool of already existing clients, the Ripio Credit Network is opening up their venture through its RCN token sale project to help bring in more people and supporters into their life-changing project.
Holders of RCN tokens can be assured of a solid team of professionals manning the project on the back of a 100 thousand clientele base which is expected to grow exponentially over the next couple of months.
For more details, follow the Ripio Credit Network ICO here.