The first stage of expansion across South America for Ripple is its launch in Brazil. Ripple begins expansion in South America with Brazil launch.
Ripple hired fintech entrepreneur and executive Luiz Antonio Sacco as managing director to drive strategy and help develop Ripple’s business in the region. The details were disclosed in a press release issued last Tuesday. According to Sacco’s LinkedIn profile, he has been at Ripple since March 2019.
Ripple’s SVP of Global Operations, Eric van Miltenburg, said:
“In January, Ripple surpassed 200 customers on RippleNet. The company is experiencing rapid customer growth across all markets, and is launching in Brazil in response to high customer demand in South America. We are fortunate to have Luiz on board to expand our presence in the region and help our customers address the challenges of cross-border payments.”
The company said its RippleNet product is already being used by many Brazilian financial institutions and money transfer companies, such as:
- the Brazilian arm of major bank Santander
- money transmitter BeeTech
- local bank Banco Rendimento
RippleNet is a payments network designed to facilitate cross-border payments for banks and payment providers. Ripple said from June 11 to 13 it will be exhibiting the product at the Brazilian tech event: CIAB Febraban.
Ripple claimed in the release that it has seen more transactions on RippleNet in Q1 2019 than it did for the whole of 2018. The company also said that it’s adding “an average of two to three new financial institutions to RippleNet each week.”
Ripple begins expansion in South America with Brazil launch. The firm said that as it looks ahead this year, it plans to focus on building its customer base and team in Brazil and throughout South America, including the following countries:
In order to help support academic research and technical development across areas including law, business and engineering, the firm said it is committing resources to top Brazilian universities such as the University of Sao Paulo and Fundacao Getulio Vargas.
“We believe that academic institutions will play a key role driving the blockchain industry forward. USP and FGV are innovative, forward-thinking institutions that are investing in blockchain research to explore new use cases and help prepare students for future jobs in this space.”