Ripple Opens A Subsidiary In Brazil As It Seeks To Expand Across Latin America

Ripple has announced that it has opened an office in Brazil as the company looks to expand its operations across South America, Cointelegraph reports.

The company behind the third largest crypto as per XRP market cap, plans to announce the development at CIAB Febraban, a famous fintech and banking event that will be held in Sao Paulo, Brazil from June 11 to 13th June.

Luiz Antonio Sacco, who used to work in Warranty Group as a CEO, will head the new office. Sacco joined Ripple in March this year says that Ripple aims at attracting more people to its payment platform RippleNet. Sacco explained that the company intends to reach not only Brazilians but also the entire Latin America. Currently, RippleNet has been adopted by three Brazilian financial based clients namely; Santander Brasil, BeeTech Global and Banco Rendimento, notes Cointelegraph.

“We are excited to expand our ecosystem in the region and bring more financial institutions connected to RippleNet, which will contribute to the greater efficiency of global payments and, above all, a better experience for its customers. and Ripple has differentiated itself in this sector because it offers proven solutions to solve real problems, opening the way to the rest of the South American continent” Said Sacco.

Offering Educational And Training Programs

Ripple does not only look to offer payment network services only in the country. According to Sacco, the company will partner with various universities in Brazil to launch educational and training programs. The firm has already entered into an agreement with the University of São Paulo and Fundação Getúlio Vargas to offer training on different aspects on cryptocurrencies and blockchain. Sacco says that heavy investment in training program will help in promotion of blockchain technology in Brazil and the region in general. The training will also enhance research in the field thereby expanding career opportunities for the youths in the country.

“We believe that educational institutions will play a key role in advancing blockchain applications. USP and FGV are innovative institutions that, in addition to investing in research into new uses for the blockchain, are empowering their students in new technologies that will mean new career opportunities,” explains Sacco.

The CEO noted that the company is already working with more than 15 professors from the two universities who will support research and technical development in various disciplines like law, engineering and business.

RippleNet Gaining Prominence

The company’s payment network, RippleNet, is gaining prominence in the financial sector and by early this year, Ripple announced it had more than 200 customers across the world. The firm announced that five of its clients; JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank, are now using XRP for cross-border payments.

The company has been opening offices in various cities around the world to popularize its payment platform. Bitnews Today reports that Ripple has opened a new office in Zurich, Switzerland in efforts to popularize the XRP payment system across Europe.

Will the new office in Brazil help in reaching out to the rest of Latin Americans? Share your thoughts with us in the comments section.

Ripple (XRP) Live Price

1 XRP/USD =$0.4671 change ~ 0.62%

Coin Market Cap

$19.88 Billion

24 Hour Volume

$575.5 Million

24 Hour VWAP


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