Ripio Credit Network

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Ripio means “gravel” in Spanish. Just like gravel serves as a foundation for new roadways, Ripio aims to build new roads throughout the digital economy. New roads create new possibilities, and they are the key to widening access towards ​financial inclusion for everyone. Ripio’s main objective is to democratize the digital economy in Latin America, offering digital payment alternatives within everyone’s reach in a region where 65% remain unbanked. In 2013, BitPagos started as Latin America’s first Bitcoin payment platform, offering bitcoin-based financial services for merchants. A year later, the company launched Ripio, a digital wallet that enables consumers to send, receive, store, and buy or sell Bitcoin in local currency and to make online payments on thousands of websites. In January 2017, BitPagos rebranded as Ripio. Ripio has over 100k users in Latin America.

In 2016, Ripio launched a groundbreaking credit service (called ​Ripio Credit), reaching the finals at TechCrunch Disrupt. and revealing the innovative service ​to the world. Ripio Credit currently extends credit to Ripio users, allowing them to finance their online payments in installments, using bitcoin as the transaction vehicle. This alternative credit facility is available to individuals without a credit card or a bank account, and it represents a service that no other Bitcoin wallet company had offered before.

Leveraging the existing Ripio Credit application, the Ripio Credit Network (“RCN”) leads the road towards credit democratization, offering a solution to traditional banking system alternatives to credit access. The Ripio Credit Network can connect borrowers, lenders, and other network agents all over the world, allowing each one of them to manage the credit in their local currencies, as long as they have Internet access. First, the RCN connects an agent with information on the borrower’s identity to an agent who analyzes the borrower’s credit risk impartially.

Although Borrowers and Lenders will likely prefer to denominate credit transactions in a local currency, RCN Tokens will be required to facilitate transactions among the other agents in the RCN, as further described below. RCN Tokens will be required to access the RCN network given that agents’ fees and obligations – plus the corresponding distribution expenses within the network – are driven by the use of these tokens. RCN Tokens also act as an incentive to each one of its participant agents to continue to participate ​in the network.

A smart contract generated by the waller provider and executed on an exchange contains the relevant credit terms, Borrower obligations, events of default, and signatures or verifications from each of the other agents, as applicable. Once the cosigned smart contract is generated, the Borrower is bound to the Lender under a payment obligation. The Borrower has committed to return the funds borrowed, plus interest, in periodic installments or in a single installment. The Wallet Provider is also obliged to inform the due dates and installment amounts to the Borrower.

The RCN token sale will start on October 24th. To find out more check: https://ripiocredit.network/

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