Ripple in Brazil?
The world’s third-largest cryptocurrency by market cap announced that it is now looking to expand into Brazil, which has become one of the largest digital asset havens over the past year and arguably one of the biggest regions for cryptocurrency in Latin America. The company’s head of global banking revealed in an interview during early June that executives are convinced that offering services to Brazil will undoubtedly make it much more popular in all of Latin America and lead to other Latin countries opening their arms to digital assets.
At the time of writing, executives of Ripple say they are working with three separate cryptocurrency firms in Brazil. They are Bradesco, Banco Redimento, and Santander. All three of these financial institutions utilise what’s known as Ripple Net to send money abroad. Ripple Net is a financial services platform that is designed for remittance payments and other means of sending funds to users overseas. The interview suggests that payments like these tripled through Ripple’s network during the first quarter of 2020.
CEO Brad Garlinghouse has recently undergone a video conference with the leader of Brazil’s central bank Roberto Campos Neto. Three other representatives of the crypto firm were also privy to Neto’s thoughts and feelings surrounding crypto use in Brazil.
Garlinghouse says that one of the main things his company is after right now is compliance. He’s concerned that many governments still see crypto in a negative light, but that companies that do business in crypto can potentially lessen their worries and assist in making digital currencies far more mainstream and legitimate by following all the rules and establishing solid partnerships. In a recent interview, he explained:
"Once regulators understand you’re not circumventing regulatory frameworks, they get rather comfortable very quickly. A lot of what I am doing… is meeting with regulators, meeting with very senior people at banks and explaining to them how crypto can be used – specifically XRP – can be used to solve a real problem not to circumvent regulation… Once people understand that, they very quickly become disarmed – [crypto] is no longer a bad word."
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