- The company is seeking to grow its customer base across South America markets.
- Recent surveys show more people are opening cryptocurrency trading accounts.
San Francisco-based fintech company Ripple recently announced the launch of a new office in Brazil to support their growing customer base across South America markets. With this step, Ripple came closer to their local customer base allowing instant payments internationally to banks, payment providers and corporates using blockchain.
The company had already established its foundation by collaborating with BeeTech Global, Santander Brasil and Banco Rendimento to use its flagship product RippleNet which connects over 200 banks and payment providers for cross-border remittances. Former CEO of the Brazilian subsidiary of The Warranty Group Antonio Sacco has been chosen the country manager for Brazil. Sacco has extensive experience in transaction banking, product management, and regional strategy roles.
Brazil was the cryptocurrency ringleader both on the regulatory side and on the development side. Presently, the country’s financial watchdog, the CVM, bans regulated investment funds from trading in the digital assets. However, reports suggest that more people are opening cryptocurrency trading accounts than traditional brokerage accounts. Also last year, the parent company of Brazil’s largest independent broker, Grupo XP, declared that it is setting up a cryptocurrency exchange.
Ripple is cultivating several blockchain-based solutions that will facilitate cross-border money transactions between banks in a faster and cheaper way than the current systems allow. Ripple operates on a decentralized payment settlement solution for banks and financial institutions that is fast and scalable.
"One thing that seems obvious to me about #ripple expansion is that it represents all of the BRICS and Ally nations. These are the fundamental channels that will ensure that #xrp becomes the global reserve currency to bridge all FIAT."
XRP Research Center
"**Ripple Launches Operations in Brazil**
"Ripple has more than a DOZEN Brazilian FIs and MTBs on RippleNet" including:
"#RippleNet saw more transactions in Q1 '19 than it did in all 2018."
According to the report, the official announcement will be made at CIAB Febraban, a major fintech and banking event that will place in São Paulo from June 11 to June 13.
THE WORLD POWERED BY #Ripple!"
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.