Ripple Partners With Brazilian Institutions To Enhance Presence

The company that owns the third-largest crypto coin Ripple partners with multiple companies and financial institutions from Brazil. Months after the launching of its new operations in Brazil, it is anticipated Ripple to publicize a lot more partnerships with major financial institutions such as digital banks as we are reading further in the XRP news.

Ripple has plans to utilize new meaningful partnerships in order to spread its presence in Brazil in 2020 according to a new report. It declares that after the signing of previous agreements with big banks in Brazil like Santander, Bradesco, and Rendimento, Ripple desires to begin using XRP for remittance payments. The managing director of Ripple in Brazil, Luiz Antonio Sacco, said about the potential of Brazil for meaningful growth in the next couple of years:

 “With successive advances in Brazilian banking regulation to facilitate financial transactions, including international, opportunities here will grow greatly in the coming years.”

In the first quarter of this year, Ripple launched its operations in Brazil with the intention to further expand not only in Brazil but in the whole South American continent. Luiz Antonio Sacco at that moment noticed that Brazil is one of the leaders of the in financial technology innovations and the introduction of RippleNet will provide for: “excellent, efficient cross-border payment experiences for their customers.” The expansion in South America is just one part of the improvements and novelties from 2019.

When Ripple partners with strategic companies, usually great things happen as we saw back in June of 2019 the strategic partnership of Ripple with the money transfer titan, MoneyGram was announced. According to the two-year agreement, Ripple will be a crucial partner to MoneyGram for foreign exchange settlement that uses cryptocurrency and cross-border payments. Also, Ripple would provide a $50 million capital obligation in return for equity within this time period.

Lately, Ripple managed to secure a $200 million Serious C funding investment in cycle led by huge investment companies like Tetragon, SBI Holdings, and Route 66 Ventures. Ripple declared that the funds will be utilized to further extend the usefulness of its alt coin, XRP, and for developing the blockchain technology- the XRP ledger.