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Ripple Opens New Office in Brazil With Eyes Set on Latin American Market

Ripple has just opened a new office in Brazil with its eyes set on Latin American market. The company plans to expand aggressively in South America over the course of next few years.

June 11, 2019 12:15
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Ripple’s aggressive expansion is continuing from a steady pace. After launching its advertising campaign in Europe the company has now set its eyes on Latin America. It just opened its first office in Brazil, and though the official announcement has not been done yet it’s a confirmed development as it has come from local media outlet Cointelegraph Brazil.

The new office will be formally announced at São Paulo’s biggest fintech and banking event CIAB Febraban. The event is to be held between June 11 and June 13. The report of Cointelegraph further reveals that this office will be headed by Luiz Antonio Sacco, the former boss of The Warranty Group Brazil. The Warranty Group is a global warranty solution provider, and its boss Sacco had left it back in March 2019 to join Ripple. Speaking to Cointelegraph about this new office in Brazil Sacco said that Ripple wants to bring more clients to its payment network RippleNet not only from Brazil but also from other parts of South America. At present RippleNet is used by 3 firms in Brazil, which include Santander Brasil, BeeTech Global and Banco Rendimento.

But Ripple’s South American ambitions are not limited to increasing its client base alone. The company also wants to educate people about blockchain by investing in programs of major Brazilian universities like University of São Paulo and Fundação Getúlio Vargas. Sacco said that investment in these training programs will help Ripple in promoting blockchain technology while expanding the research opportunities in this space.

RippleNet already has more than 200 clients onboard from various parts of global geography. Five of its clients, namely JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank are using XRP in cross-border payments.

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