Ripio, a digital asset company based in Argentina, has bought major Brazilian crypto exchange BitcoinTrade.

According to the Argentinian newspaper Ambito, the takeover is going is part of Ripio’s plan to spread across South America. BitcoinTrade is said to be the second largest crypto exchange in the country by volume.

Ripio’s CEO and co-founder, Sebastián Serrano, said it made the purchase to “expand access to the world of digital assets” in the region.

“We believe Ripio is the best company to expand the path we are building with BitcoinTrade in Brazil,” said BitcoinTrade founder Carlos Andre Montenegro.

Founded in 2013, Ripio claims to be one of the largest crypto exchanges in South America, with employees in Argentina, Brazil, Mexico, Uruguay and Spain. Company launched a crypto trading platform with over-the-counter services in 2019, and was listed as one of the Tech Pioneers of the World Economic Forum last year.

In November, a Argentinian legislator has proposed legislation to provide a national framework for crypto in the country. The bill aims to address “highly arbitrary rules” that rule Argentina’s crypto ecosystem.