Ripple, one of the largest Blockchain companies in the world, plans to accelerate its operations in South America next year.
According to Reuters, Ripple’s goal is to target Brazil, which has a rapidly growing market.
Brazil has taken several successful steps in the last few years in digital transformation.
We can see the effects of these successful steps especially in banking transactions.According to Transferwise, Brazil, which is currently one of the five largest countries in the world in terms of remittances, made a total of $ 4.6 billion remittance transactions with other countries this year.This means that the number in 2018 increased by almost 10 percent.
Most of Brazil’s remittance transactions are done through SWIFT.Ripple, which is now shown as an alternative to SWIFT, and even as a competitor, aims to strengthen its position in the Brazilian market.
New Year New Plans
According to a Reuters report, Ripple plans to take new steps towards Brazil next year.
Ripple had already contacted and established several partnerships with several different banks in Brazil. The company also opened its own office to play a more active role in the region.
Luiz Antonio Sacco, Ripple’s official in Brazil, says the company will perform more actively in 2020 and will partner with more banks:
With the effective banking policies in Brazil, it becomes easier to make financial transactions in the country and this shows that there will be new opportunities in the coming years.
Ripple’s acceleration of its work in Brazil could strengthen the company’s overall position in the financial world. However, it is not known how much these studies affect the price of XRP.