Ripple have always been looking forward to expand their presence across. This mainly keeping in mind the growing popularity of blockchain technology and use of crypto currency. Ripple considered as the third largest blockchain have been considering expansion for a long time and now it is slowly underway. With establishing base in South America, Ripple is expected to make announcements regarding partnerships with major digital banking partners available across. The main motive behind such strategic movements is to enable digital transactions through XRP type payments across the globe.
Brazil has been a booming marketplace for Blockchain tech and definitely that is one of the compelling reasons why Ripple sees the Brazilian space a profitable one. The expansion is just in the beginning phase and is expected to expand even more further into South American continent.
The venture is greatly to increase national and international financial transactions greatly aiding the improvement in economy of the country, says Luiz Antonio Sacco, the managing director of Ripple at Brazil. The key highlights of the expansion include association of Ripple with major bankers in the country like Bradesco, Rendimento and Santander as well. With Brazil being one of the booming places with advanced growth in the Fin-Tech space, Luiz Antonio states that this move is definitely profitable to Ripple and will definitely aid in the development of the Blockchain tech of the company as well.
Also read: Ripple at its highest growth of the year and has raised $200 million!
With Ripples introduction, it is believed to greatly influence cross-border payment and felicitate safe and secure transactions. Once established into digital payment pathways, it would be a great method to establish money regulation as well as keep crimes on money laundering under control. The benefits of the Company’s involvement in the Brazilian fin-tech space can soon be reflected in the country’s economy as well.
With the recent activities from the company it seems like Ripple has a lot in store with improvements and new features for transactions this financial year. The first of the list is the recent expansion into the South American market.
Previously this year, the company tied up with MoneyGram, a money transfer service agent. With recent involvements with Ripple, the main strategic partner for cross-border payments and digital assets for two long years. The company will provide a $50 million dollar agreement with equity clauses to strengthen business ties between the companies.
