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Ripple, the crypto firm behind the third biggest cryptocurrency by market cap, XRP, just opened up an office in Brazil. The launch of Ripple’s new office is the first step in its expansion in Latin America.
Luiz Antonio Sacco, a veteran fintech entrepreneur and executive, will take up the role of managing director at the new Brazilian office. Sacco, who is a former CEO at the Brazilian subsidiary of a global warranty solution provider The Warranty Group, has been working with Ripple since March 2019. His job description includes driving strategy and to help develop Ripple’s business in the region.
Eric van Miltenburg, Ripple’s SVP of Global Operations, said in a press release:
“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. 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.”
RippleNet is a service by Ripple. It is a payments network that is designed to help with cross-border payments for banks and other payment providers. Ripple boasted that it already has over a dozen clients for its RippleNet service. These clients include Brazilian financial institutions and money transfer companies such as the Brazilian arm of major bank Santander, money transmitter BeeTech and local bank Banco Rendimento. Furthermore, Ripple also announced that the firm will be showcasing its RippleNet service at an event in Sao Paulo called CIAB Febraban from June 11 to 13.
Ripple Plans Crypto Expansion in South America
The firm also revealed its plans to expand further in South America. Countries like Chile, Peru, and Argentina are all part of Ripple’s expansion plan. Ripple additionally divulged that it is working with top universities in Brazil such as University of São Paulo and Fundação Getulio Vargas to help support academic research and technical development across areas including law, business, and engineering. Regarding Ripple’s commitment to encourage and support academic research and development towards blockchain and cryptocurrencies, Sacco said:
“We believe that academic institutions will play a key role driving the blockchain industry forward. USP and FGV are innovative, forward-thinking institutions that are investing in blockchain research to explore new use cases and help prepare students for future jobs in this space.”
Ripple also said in the press release that they are adding 2-3 new financial institutions to RippleNet each week on average. The firm also claims that there have been more transactions on RippleNet in Q1 2019 than it did for the whole of 2018. The increase in transaction count indicates a huge increase in the popularity of the service.