In an effort to get into South America’s multibillion remittance business, Ripple, the company behind the cryptocurrency, Ripple (XRP) has recently opened an office in Brazil.
After much success in other developing countries like India, which it purportedly held 50% of the market share of the crypto remittances in the country, it is now looking to Brazil and the $2 billion its population generates each year for the remittance marketplace.
According to Eric van Miltenburg, Ripple’s SVP of Global Operations, the company is experiencing rapid customer growth across all markets, and is launching in Brazil in response to high customer demand in South America.
Ripple’s Brazil initiative will be lead by veteran fintech executive Luiz Socco who will be leading the project as a managing director.
RippleNet customers will b able to settle payments in seconds and pay low fees for cross-border transaction.
This was made possible with Ripple’s technology as well as its 200 banking clients including Santader Brazil and Banco Rendimento.
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