• Mon. Oct 2nd, 2023

According to news making the rounds, Ripple, parent company of the XRP crypto recently held a closed-door meeting with high ranking officials of the Central bank in Brazil. According to the statement released by the premier bank of the South American country, President of the bank, Roberto Campos Neto held the meeting via a live video conference call with Ripple chief, Brad Garlinghouse, and other high ranking officials of the company. Although the reason for the meeting was to discuss institutional matters, further details were not let out to the media by both the bank and Ripple.

Ripple aiming to spread across Brazil

Ripple initiated their plans in the south American region especially in Brazil after they set up a branch in Sao Paulo last year with the sole mission of expanding their operations across the region. Ripple is solely setting their sights on remittance payments as their aiming to help the country facilitate inter border payments with the use of XRP. Brazil’s local remittance flows are valued at as much as $2.5 billion which makes the market a desirable one for the leading crypto company.

Ripple showed their interest in working with local banks and other financial institutions in the country after General Director of Ripple in Brazil, Luiz Antonio Sacco, communicated this to the country in December 2019. According to the head of the company in Brazil, the focus at the moment is to discuss with banks and regulators possibilities of coexistence of cryptocurrencies with traditional operations to make transactions in the global financial system more efficient”, Sacco said.

Ripple aiming for global adoption

Ripple has been pushing for widespread adoption over the years which has seen them set up shop in different parts of the world to strengthen cross border payments across the globe. Even though this move has been noticed by major big-time players in the crypto space, they are some analysts who are still in doubt over Ripple’s global adoption. Ripple recently scored a big one in Japan after SBI Holdings said they were going to integrate Ripple payment across ATMs in the country.

Speaking on widespread adoption, Brad Garlinghouse said, “we at Ripple are striving everyday to make like easy for our clients in terms of cross border payments, and even though I can’t share the details of my meeting at Brazil with the media, we hope to settle the institutional matters on time.”

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