Ripio Crypto Platform Launches DeFi Credit Card

Cryptocurrency platform Ripio made history by announcing, during the Modular Summit in São Paulo, the launch of the world's first credit card focused on decentralized finance (DeFi).

This launch represents a significant advance for the DeFi sector, promising a more accessible and less complex integration for users. Sebastián Serrano, CEO of Ripio, highlighted that the main attraction of the new card, called “On-Chain Credit Card”, is the simplification of access to the DeFi ecosystem.

The proposal is that the card works in a similar way to a regular mobile application, with DeFi mechanisms. In this way, users do not need to perform multiple signatures or directly engage with technical protocols.

In addition, the card will allow users to use their crypto assets as collateral, thus facilitating access to credit lines in the decentralized finance system. As a result, this functionality is a big step towards integrating DeFi practices with the practicality of everyday finance.

The new card launched by Ripio will have a fast and efficient connection to the universe of decentralized finance. According to Serrano, access to credit lines with crypto assets as collateral will be instantaneous and automated.

During a purchase, the system automatically requests a loan from a DeFi protocol, converting the crypto assets into local currency to finalize the transaction.

This process eliminates the need to manually sell digital assets, allowing users to maintain their investments while taking advantage of the credit provided.

Ripio is working on developing its own protocol, called Capify, which uses technology from Compound, one of the main DeFi protocols on the market.

Source: Cryptonews