Ripple and the Central Bank of Brazil discuss institutional issues
The crypto company's intention is to expand its product throughout Latin America
The company associated with the XRP cryptocurrency, Ripple, held an online meeting with the Central Bank of Brazil, on May 30, in order to adjust institutional matters. It was announced on the website of the financial institution where it was specified that the video conference would be chaired by the president of the Bank Roberto Campos Neto, along with the CEO of Ripple, Brad Garlinghouse, and three representatives of the cryptocurrency firm.
Ripple’s ambitions in Latin America and Brazil emerged in June last year, after the opening of an office in Sao Paulo with the aim of expanding across the continent.
The cryptocurrency company has shown that its main interest is development in the remittance market due to the intention to facilitate cross-border payments with the XRP cryptocurrency.
Thanks to the remittance flows from Brazil which are valued at USD 2.5 billion, it has made the local market a desirable target for the cryptocurrency company.
Currently, Ripple has strengthened alliances with important local companies: Santander, Bradesco and Banco Rendimento, through its blockchain-based financial services network, RippleNet.
K.Villarroel
Source: cointelegraph
