Ripple, a leading FinTech company that enables cross-border settlement, recently announced that the firm has expanded its operations to Brazil, the largest country in South America. The announcement also gave insight into the growth of its payment settlement network.
The official statement read,
“Ripple’s enterprise blockchain solutions enables a better user experience with more agility, transparency and lower cost for cross-border payments. Ripple, the global leader in enterprise blockchain solutions for cross-border payements, launches operations in Brazil to expand its footprint in South America.”
In addition to expansion news, the firm also announced the addition of a new member to the team. Luiz Antonio Sacco, former VP of Global Commercial Cards Brazil at American Express, has been appointed as the Managing Director of Brazil and South America for Ripple.
More so, the firm also stated that they have already added “more than a dozen Brazilian financial institutions and money transfer companies” to its global payments network, RippleNet. The payment network that surpassed 200 customers in January enables cross-border payment that settles within seconds and with low cost. The Brazilian network includes Santander Brazil, BeeTech, and Banco Rendimento.
The blog post stated,
“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. In 2019, Ripple is focused on growing its customer base and team in Brazil, and across South America […]”