Ripple Introduces RippleNet Operations in South America, Claims to Add Multiple Institutions Weekly
Ripple Inc. is starting operations in Brazil, one of the biggest financial markets in South America. The company announced the news through the Ripple Insights blog on Tuesday this week in a bid to promote efficient, instant and cheap cross border transactions in the country. Furthermore, the leading global enterprise blockchain announced the addition of fintech entrepreneur and executive Luiz Antonio Sacco as managing director to drive strategy and build the Ripple ecosystem in the region.
The SVP of Global Operations at Ripple, Eric van Miltenburg is delighted at the recent expansion of the company to the South American region and the addition of Luiz, who has the experience to further extend the company’s presence in the region. Eric further praised RippleNet platform saying,
“In January, Ripple surpassed 200 customers on RippleNet. The company is experiencing rapid customer growth across all markets, and is launching in Brazil in response to high customer demand in South America.”
Luis Antonio Sacco joins RippleNet in South America (Source: LinkedIn)
He showered praise on the new acquisition too saying,
“We are fortunate to have Luiz on board to expand our presence in the region and help our customers address the challenges of cross-border payments.”
Luiz (now the Managing Director, South America) spoke on his recent move to Ripple showing excitement on the new venture. He further spoke on Ripple Technologies’, RippleNet and the potential Brazil holds in fintech saying,
“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.”
RippleNet Is Growing In The Amazon Region
Ripple is known for its wide partnership network with some of the largest financial institutions in the world including Santander Bank, PNC Financial Services, SWIFT Technologies and SBI Bank Holdings among others.
The partnerships spring far and wide with partnerships with twelve financial institutions already secured in Brazil including; Santander Brazil, offering fast payment systems to over nine million customers in the country; Banco Rendimento, early international payment service that revolutionized how to send and receive international payments in Brazil; and BeeTech, an emerging international payment service with over 150,000 customers across the globe.
The company is growing at an astonishing pace across the world and more partnerships are expected to be completed in the coming days. Ripple’s partnership rates, according to the Insight blog post shows the company is making an average of 2-3 partnerships every week. This figure is growing by the day and the move to Brazil offers an opportunity for the growth of its customer base in the South American region.
“Ripple is experiencing dramatic growth, adding an average of two to three new financial institutions to RippleNet each week. The company saw more transactions on the network in Q1 ’19 than it did in all of 2018.”