Ripple holds closed meeting with Brazil’s central bank to expand business. Ripple’s aspiring plans for Latin America as well as Brazil specifically surfaced in June a year ago, when the company launched a Sao Paulo office with the purpose of extending over the continent.
Remittance markets are the essential interest for Ripple, as it expects to encourage cross-border settlements with the XRP. Brazil’s remittance streams are esteemed at $2.5 billion, making the local market an attractive objective for the crypto firm.
In December 2019, Luiz Antonio Sacco, the general executive of Ripple in Brazil who was likewise present at the recent meeting with Neto, declared the organization’s aim to support partnerships with banks and different institutions in Brazil all through 2020.
Up until this point, Ripple has protected alliances with at least 3 significant local players — Bradesco, Santander, and Banco Rendimento — through its blockchain-based financial services network RippleNet.
In April, the cryptocurrency firm’s accomplice and investor, Japanese financial giant SBI Holdings, reported designs to coordinate Ripple-centric payments across ATMs in Japan.