Ripple all set to expand in Brazil In 2020

  • Brazil’s clear banking regulations are playing an essential role in the company’s expansion, says Ripple.
  • Ripple is also planning to expand the company in Chile, Peru and Argentina.

According to a Reuters report, Ripple is getting ready to announce new Brazilian partnerships early in 2020. Luiz Antonio, Ripple’s managing director, stated that Brazil’s clear banking regulations are playing an essential role in the company’s expansion in the country. Ripple is discussing the usage of XRP for remittances with banks and regulators.

Ripple is already working with Santander Brasil, Bradesco, and Rendimento, which use Ripple’s payment messaging system. However, none of the companies are using XRP. Back in July, Ripple had launched a new office in Brazil. According to Sacco, about 30% of Ripple’s total transaction volume is now moving through the country. 

Ripple stated:

We’re excited to grow our ecosystem in the region and bring additional financial institutions onto RippleNet to help provide excellent, efficient cross-border payment experiences for their customers. Brazil is a leader in fintech innovation and positioned to forge a path for the rest of Latin America to follow.

Apart from Brazil, Ripple is planning to expand into more South American countries, like Chile, Peru and Argentina.