Finance
Ripple Opens Office in Brazil and Kicks Off Expansion
The company aims to further expand to South American countries
Ripple, the world’s third-largest cryptocurrency with a current market capitalization of over 16 billion dollars, has just opened its first international offices in Latin America, according to reports from Cointelegraph Brazil.
The company is expected to make this announcement publicly at the upcoming CIAB Febraban, a major Fintech and banking event that will be taking place in São Paulo from June 11 to June 13.
According to reports, Former CEO of Brazilian company “The Warranty Group” Mr Luiz Antonio Sacco is expected to be in charge of Ripples new Brazilian office.
Mr Sacco, who joined Ripple in March 2019 echoed the company’s intention to bring more clients into its payment network “RippleNet”.
Ripple currently has three major clients in Brazil using RippleNet, Santander Brasil, BeeTech Global and Banco Rendimento. They made it clear that they’re looking to expand to the rest of the South American continent.
Beyond payment benefits, Ripple wants to launch educational programs
Mr Sacco went on to share Ripple’s plan to promote the early adoption of blockchain technology in Brazil through educational training programs in collaboration with Brazilian universities. He explained that Ripple is investing in the critical role education plays in the promotion of blockchain technology.
Investing in research is also part of their educational plan, as it is expected to expand career opportunities in the region.
Speaking with enthusiasm, he joyfully added the company is now set to partner with the University of São Paulo and the Fundação Getúlio Vargas by helping them in sponsoring blockchain research initiatives.
Ripple launched in June 2918 a University Blockchain Research Initiative (UBRI), which as of now supports 29 schools to accelerate academic research, innovation and technical development in blockchain, crypto and digital payments.
In a report published by Cointelegraph, Ripple now has over 200 companies using their payment network RippleNet, with NFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank — actively using XRP for cross-border payments.
In the aftermath of the recent report published by Bitwise claiming that 95 percent of all the cryptocurrency volume in exchanges were fake, Ripple has revealed plans to enable a higher degree of accuracy for reporting XRP volumes and sales.
Brazil’s interest in blockchain
Trade finance seems to be the number one choice for the South American country. Brazil has shown an interest in investing in blockchain to expedite processes and reduce costs. Last year, Brazil’s Central Bank introduced a private blockchain platform to strengthen information exchange between regulatory authorities.
Just last month, Brazilian bank Banco Bradesco joined R3’s blockchain network for trade finance, Marco Polo. The network targets the lack of connectivity that plagues trade processes by leveraging blockchain to improve time and costs, as well as to provide transparency.
Banco Bradesco is also part of JP Morgan”s Interbank Information Network and of IBM’s World Wire cross border payment network.
Ripple’s presence in Brazil can open doors for its expansion to Latin America and for other big crypto platforms to set foot in that part of the world. The company’s offer of being both a platform and a currency is expected to impact international transactions worldwide.
By targeting traditional trade finance, Ripple represents a side of cryptocurrencies and blockchain that are most likely to be adopted by big companies and governments.
Related article:
Brazil’s Banco Bradesco Joins R3 Corda Global Trade Finance Network
Make sure to decrease the potential risk of your wholebody when enjoying Thor box office. A stableness soccer ball can certainly help to keep your spinal column properly aligned. Make sure you do correct stretches and take a great dealof pauses to make sure you don’t get hurt should you do more productive Thor movie.
An interesting discussion is definitely worth comment. I think that you should publish more about this topic, it may not be a taboo matter but generally folks don’t speak about such topics. To the next! Many thanks!!|
You have a real talent for storytelling. Your article drew me in from the first sentence and held my attention until the very end. I felt like I was right there with you experiencing the story firsthand.
Major thanks for the blog.Really looking forward to read more. Want more.
Just came from google to your website have to say thanks.
Hi there friends, its wonderful paragraph concerning educationand fully explained, keep it up all the time.
What’s Going down i’m new to this, I stumbled upon this I have discovered It positively useful and it has aided me out loads. I hope to give a contribution & assist different users like its aided me. Good job.
This is a topic close to my heart cheers, where are your contact details though?
I am sure this article has touched all the internet visitors, its really really nice piece of writing on buildingup new blog.
Great post.Never knew this, thank you for letting me know.Here is my blog diabetic diet