Latin American Delivery Unicorn Rappi Launches Crypto Payments Pilot
The Colombia-based company has partnered with BitPay and Bitso to convert crypto into credits for purchases within its platform.
Rappi, a Colombian delivery app with operations in nine Latin American countries, has begun a crypto payments pilot program in Mexico.
- Teaming with crypto payments provider BitPay and Mexican crypto exchange Bitso, Rappi said Monday it will allow customers to convert crypto into credits that can then be used to complete purchases on the company’s platform.
- "We are studying the crypto world with interest and believe that the future is the intersection of the crypto world with non-crypto companies," Rappi President Sebastian Mejia said in the announcement, adding that the pilot is a first step "to continue incorporating the crypto world into Rappi."
- Rappi already provides financial services in Colombia, Brazil, Mexico, Chile and Peru, and is trying to win regulatory approval for operating as a digital bank in Colombia at some point this year, reported Reuters late in 2021.
- In July the company raised $500 million at a valuation of $5.25 billion in a Series F funding round, giving the company unicorn status.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.