Argentine Exchange Ripio Announces Defi Credit Card

Ripio, a leading Argentine exchange, has announced that it has created a Visa-backed decentralized finance (defi) credit card allowing users to put crypto in a liquidity pool as collateral for purchases. The card, currently in the testing phases, will not sell the cryptocurrencies owned automatically but will instead borrow up to 30% of the capital locked in the liquidity pool. Ripio and Compound will host the liquidity pool and will support bitcoin (BTC), ether (ETH), usd coin (USDC), tether (USDT), and Ripio’s stablecoin (UXD) as collateral. “First, we will test it with users and there will come a time when we will open it up to everyone. It is a proof of concept in which we will have a lot to validate,” Sebastian Serrano, CEO and co-founder of Ripio, concluded.