Ripple launches Brazilian office in Latin American expansion

11 Jun, 2019
by David Robb
News
Ripple launches Brazilian office in Latin American expansion

Ripple has announced that it will be opening a new office in Brazil. This is part of the company's continued expansion into Latin America, as reported by CoinTelegraph.

Where exactly Ripple's new office will be located has yet to be revealed, although the official announcement should be made at fintech and banking event CIAB Febraban in Sao Paulo, which is a likely candidate. The office will be led by Luiz Antonio Sacco. 

Latin America has been an important growth area for crypto and blockchain technology recently, in particular with the economic instability and rapid currency devaluation in Venezuela providing one of the most high-profile and important use cases for Bitcoin. In Brazil, trading volumes for crypto have been healthy, although President Jair Bolsonaro recently claimed that he had no knowledge of what BTC was.

Ripple is aiming to bring more financial institutions in the region into the RippleNet eco-system. The company already has three clients in Brazil, using its popular blockchain-powered remittance system: Santander Brasil, BeeTech Global and Banco Rendimento. Ripple has also committed to invest in leading Brazilian universities, such as the University of São Paulo (USP) and Fundação Getúlio Vargas (FGV). It will collaborate with more than 15 professors in these two institutions, in order to support research and technical development of blockchain and other financial innovations.

As of January 2019, Ripple surpassed 200 different clients worldwide for its RippleNet technology. As well as expanding into Latin America, the company recently announced that it would be opening a new office in Zurich. There have also been some unconfirmed rumours circulating recently that leading U.S.-based money transfer company MoneyGram may have been acquired by Ripple.

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Read more about: Ripple (XRP) Brazil

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