Brad Garlinghouse, CEO of Ripple along with other representatives recently had a video conference with Roberto Campos Neto. Neto is a president of the Central Bank of Brazil. This video conference was completely confidential and not much has been revealed out of it. Even though much information regarding this conference is not available but it is clear that it was about several institutional matters.
According to the data revealed by the World Bank, it has been made clear that Brazil has a remittance market of $2.5 billion. Due to this Brazil emerged as one of the largest one across the whole South American continent. Through this, it is clear how Garlinghouse has expanded Ripple’s market across Brazil. Back in December 2019, Ripple also announced its partnership with Brazilian banks.
Garlinghouse started expanding his business in June 2019 in Brazil. Since then, Ripple’s business is growing rapidly across the country as a lot of local institutions have also joined its network. A lot of high-profile firms have also joined the Ripple network over the past year.
Luiz Antonio Sacco, the managing director of Ripple in South America has said that there are huge growth opportunities for the firm shortly. This has been said as there is a huge success of the firm with the new banking regulations of Brazil. There is one bank-to-bank messaging system named SWIFT through which most of the cross-border payments have been made possible in Brazil. It has been reported that transferring money through Ripple has made it much cheaper for people. As the firm is working towards expanding its business across different countries, it has recently made some huge partnerships with several firms to expand the business in the South Korean market.
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