Ripple is pushing for a rapid expansion in Brazil.
The company is gearing up to announce new Brazilian banking partnerships early next year, according to a report from Reuters.
Ripple managing director Luiz Antonio Sacco says the country’s clear digital banking regulations are playing a key role in the company’s expansion into Brazil, and Ripple is talking with banks and regulators about utilizing XRP for remittances.
Ripple is already working with Santander Brasil, Bradesco, and Rendimento, which use the company’s payment messaging system. But so far, none of the companies are utilizing XRP.
The San Francisco startup launched a new office in Brazil back in July, and according to Sacco, roughly 30% of Ripple’s total transaction volume is now moving through the country.
“We’re excited to grow our ecosystem in the region and bring additional financial institutions onto RippleNet to help provide excellent, efficient cross-border payment experiences for their customers.
Brazil is a leader in fintech innovation and positioned to forge a path for the rest of Latin America to follow.”
In addition to Brazil, Ripple is focused on expanding in a number of South American countries including Chile, Peru and Argentina.