Ripple Spreads Its Blockchain Tentacles into Brazil

| Updated
by Wanguba Muriuki · 3 min read
Ripple Spreads Its Blockchain Tentacles into Brazil
Photo: Pixabay

Ripple has entered the Latin American market by opening an office in Brazil in a move that aims to accelerate the speed of blockchain technology adoption and usage throughout the world.

Ripple is aggressive with its global expansion strategy. The firm behind third-biggest crypto by market cap XRP has opened a new office in Brazil. That strategic move will enable Ripple to support its ever-growing client base in South America.

According to the official report, the announcement will be made at CIAB Febraban, a major fintech and banking event. The event takes place in Sao Paulo from June 11 to June 13.

With this new office, the San Francisco-based fintech will come closer to their regional customer base. That will enable payment providers, banks, and corporate to make instant transactions and payments into and out of the country using blockchain.

Ripple’s payment solutions are actively utilized by many fintech start-ups and international payment firms of different sizes. Global adoption has become their primary goal. As we published earlier, the firm also partnered with a multinational IT giant to push for their global expansion.

In the case of Brazil, Ripple had already laid foundations by signing partnerships with Banco Rendimento, Santander Brasil, and BeeTech Global. The deal required the partners to use the company’s flagship product, RippleNet, which connects more than 200 payment providers and banks for cross-border remittances.

Ripple’s Plans

Ripple is also planning to launch educational and training programs in partnership with major universities in Brazil. Some of the notable institutions partnering in this program include Fundação Getúlio Vargas and the University of São Paulo. Antonio Sacco said that the investment in education will play an integral role in promoting mass adoption of blockchain technology.

Research in the blockchain field will expand career opportunities in the Latin American region. As reported previously, the firm’s payment network exceeded 200 global customers earlier this year. Five of these clients, Transpaygo, FTCS, JNFX, Euro Exim Bank, and SendFriend use XRP in cross-border payments.

Ripple recently revealed its plans to enable a higher accuracy degree for reporting XRP sales and volumes. The plans came about after a recent Bitwise report claimed that 95% of Bitcoin (BTC) trading volume is fictitious.

Brazil’s National Bank for Economic and Social Development (BNDES) is funding a documentary film through its Ether-based stablecoin, BNDES token. That shows that Brazilians have not missed the cryptocurrency trend. However, the financial watchdog, the CVM, currently bans all regulated investment funds from trading in the digital asset class.

But surveys show that more people are increasingly opening crypto trading accounts. Moreover, Brazil’s biggest investment firm Grupo XP announced that it is developing a cryptocurrency exchange. With the entrance of Ripple into Brazil, the country now expects to see a rapidly growing cryptocurrency sector.

Altcoin News, Blockchain News, Cryptocurrency News, News, XRP News
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