Ripple is moving forward with its expansion around the world, including Brazil. According to a recent report released by Reuters, the company is working in order to expand its solutions on the continent. This would be one of the many partnerships Ripple has already signed with institutions around the world.
Ripple Expands In Latin America
The financial sector in Latin America and all around the world is searching for a solution that would help it process faster transactions. At the same time, it is also important to reduce costs for clients and large institutions.
Ripple offers solutions to make cross border payments easier, faster and cheaper. According to the managing director of Ripple, Luiz Antonio Sacco, the country’s clear banking regulations are very important for the firm to expand in Brazil. They are also talking with regulators and other firms in the country about using XRP for remittances.
In the past, Ripple signed different partnerships with partners in Brazil such as Santander, Bradesco and Rendimento. All of them are already using Ripple’s payment messaging system. However, these firms are not using the XRP digital asset to process payments across borders or between institutions.
As per the report released by Reuters, Brazil represent 30% of the total volume of transactions and remittances made using its platform, which is currently live in 45 different jurisdictions. Ripple is also planning to expand to Chile, Peru and Argentina, among others.
Sacco commented about their expansion in the continent:
“We are 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”
Ripple is also working with MoneyGram, a company that is processing remittances for users all around the world. With their services, remittances become faster and cheaper, reducing the funds the company needs to hold in banks around the world to have liquidity at all times.
With the XRP cryptocurrency, it is possible to source liquidity on-demand. This has massively helped firms such as MoneyGram to make transfers between corridors that do not have enough fiat liquidity or that are expensive to be maintained.
The XRP cryptocurrency became the third-largest in the market with a valuation of $8.39 billion. At the same time, each XRP digital asset can be acquired for $0.193. In the last 24 hours, XRP grew almost 2%.