Ripple Expands Reach in South America with New Brazil Office

Ripple is opening a new office in Brazil to support its growing customer base across South America markets, according to a report by Cointelegraph Brazil.

The new office brings the San Francisco-based fintech closer to its regional customer base, enabling banks, payment providers, and corporates to make instant Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term into-and-out of the country using Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term.

Ripple had already laid the foundations in the country by signing partnerships with BeeTech Global, Santander Brasil and Banco Rendimento to use its flagship product RippleNet, which connects over 200 banks and payment providers for cross-border remittances.

Antonio Sacco, former CEO of the Brazilian subsidiary of The Warranty Group has been appointed country manager for Brazil. He already joined Ripple back in March, bringing extensive experience in transaction banking, product management, and regional strategy roles.

A way for Brazilians to peacefully opt out of old systems

Brazilians have not missed the cryptocurrency trend. Within Latin America, the nation was the cryptocurrency ringleader both on the regulatory side and on the development side. As it now stands, the country’s financial watchdog, the CVM, bans regulated investment funds from trading in the virtual asset class.

However, recent surveys show more people are opening cryptocurrency trading accounts than traditional brokerage accounts. Also last year, the parent company of Brazil’s largest independent broker, Grupo XP, announced that it is setting up a cryptocurrency exchange.

Ripple currently has offices in San Francisco, New York, London, Mumbai, Sao Paulo, Singapore, and Sydney.

Ripple is developing several blockchain-based solutions that enable cross-border money transactions between banks in a faster and cheaper way than the current systems allow.

Although Ripple is regularly grouped with other cryptocurrencies, its purpose is different ‎as it also operates a ‎decentralized payment settlement solution for banks and financial institutions that is fast and ‎scalable.‎ Because its xRapid solution has a much shorter transaction time, there have been major companies testing the product such as Western Union and Moneygram, but none have committed to it fully.