February 2nd, 2018
Dear Rippex users,
In 2014, Netmint created an unprecedented service in Brazil by launching Rippex, a solution that allows deposits and withdrawals in Brazilian reais, to and from ripple accounts. That is one of the first solutions of its kind and the first one in Brazil to use the Ripple platform and provide access to the XRP currency.
Our history over the last three years has been marked by the growth of our brand, by the expansion of our services and investments to make our processes even more timely and safe, and, above all, by the development of the trust of our customers and users. We started out with 40 users in the first month and today they are thousands.
Along the way, the market has evolved exponentially, which allowed us to grow at the same pace. The national and global scenarios and the progress of technologies provided the leverage needed to expand our business, however restructuring our models is essential to enhance the impact of our products and services. Nevertheless, we highlight that we will continue to work with Ripple and developing the ecosystem around XRP and digital assets as a whole.
We honor a history of credibility and trust and every day we reaffirm our commitment to transparency in servicing our users. That is why we publicly announce the end of the Rippex gateway project.
This statement does not mean, in any way, the dissolution of the relationship with our users. We are still here to provide clarification and to guide our clients on how to proceed until our activities conclude. For that matter, you can still count on an accessible team with extensive experience in virtual asset trading.
Before presenting the shutdown timeline, we would like to stress that both our clients’ data and assets are protected and that all Rippex balances are backed by the assets to which they correspond. There is no risk of bankruptcy, we did not suffer any kind of attack and our cornerstone, security, remains solid. Moreover, your data will not be shared with anyone.
In the next 2 months we will work in accordance with a specific schedule to serve our users and customers. We emphasize that all transactions will still be web-based, including the support service for doubts and clarifications. You can find on our website – rippex.net – an advanced Help Center for handling support tickets.
The following timeline was planned and phased to assist all Rippex customers in a timely and transparent manner, and to ensure that everyone will have the time and ease needed to make their withdrawals or to trade their Rippex assets.
PHASE 1 – From 2/1/2018 until 02/28/2018
During Phase 1, withdrawals and deposits can still be made normally. If you have deposits or withdrawals to make still this month, you should be aware of the deadline. We will not charge any fees for those transactions within this period (except for BTC and LTC network fees).
Due to this change in the fees, the address for BRL withdrawals has changed, please pay extra attention to the instructions when ordering a BRL withdrawal.
After February 28th we will not accept any more deposits. Withdrawals will still be possible for those who failed to perform this procedure within the deadline somehow.
PHASE 2 – From 3/1/2018 to 4/1/2018
During Phase 2 you will only be able to withdraw funds using Rippex. Deposits will be no longer accepted. At this stage, the processing of withdrawals will be decreased in frequency – we will process withdrawals on the first business day of the week following the request, i.e. once a week we process the requests made the week before.
Withdrawals can still be requested and paid in the same way they are today.
PHASE 3 – From 4/2/2018
On April 2nd 2018, we enter Phase 3. As of this date all the balances issued by Rippex will be frozen, all transactions will no longer be accepted through the platform. Ideally, we expect every user to have settled their situation within Rippex to this date. Exceptions will be handled on a case-by-case basis. Please access rippex.net after 2/4/2018 for more information.
In addition to the timeline, we developed a timeline to guide users until the complete settlement of their situation within Rippex. Here is how to find out if your balances are issued by Rippex. If you do not have Rippex balances, there is no need to do anything, your Ripple account remains yours, to use it as you wish, regardless of Rippex.
See the timeline below to understand what to do:
- Withdrawing Bitcoins and Litecoins
- Withdrawing BRL (Only for brazilian bank account holders)
- Checking if you have Rippex balances
Customers with balances issued by Rippex and a valid Rippex account: If you are part of this category, you need to access the Rippex account and withdraw your Rippex assets. We remind you that the Ripple account is controlled exclusively by the user.
Clients with balance and without a Rippex account: Customers who received assets from Rippex but do not have an account on our platform need to open a support ticket at https://rippex.zendesk.com/hc/en/requests/new.
Customers with a Rippex account and no Rippex balances: Customers who have already had their account validated and that created a Ripple account but have not made any transactions within Rippex, can now delete their Rippex accounts. Log in and go to: profile, personal details and remove account.
Customers with invalid Rippex accounts: In this case, the customer registered on our platform, but the documents were not validated. Users in this category can sign in and delete their accounts. When you log in you will be shown the option to delete the Rippex account. We guarantee that no information will be stored in our database.
For questions about the desktop wallet and XRP reserves please read this article.
Once again, Rippex reaffirms that it will work to meet its commitment on offering a quality service until the end of its activities, on April 2nd, 2018.
To our customers who wish to continue trading digital assets, we assert that there are several companies offering such services, if you want more details please refer to the xrp forum, ask your questions and the XRP community will give you a warm welcome.
Finally, Rippex is grateful to the customers who have relied on our services and enabled us to manage their assets over the last three years. We begin the conclusion of this project with the certainty that we have contributed to the generation of several businesses and to the growth of many others. You were a part of it and you helped building the future of Internet.
Rafael Olaio and Jan Schnurle