Ripple, the Silicon Valley-based blockchain company behind the XRP token, is targeting partnerships with banks in Brazil for remittance in 2020.
According to a report by Reuters, Ripple’s blockchain platform intends to expand partnerships with banks in Brazil in an effort to grow into the global remittance market in 2020.
Luiz Antonio Sacco, Ripple’s CEO in Brazil, told Reuters the company is expecting to announce more partnerships with banking institutions in the coming months, having already signed deals with Santander, Bradesco, Rendimento and others.
With successive advances in Brazilian banking regulation to facilitate financial transactions, including international, opportunities here will grow greatly in the coming years.
Central Bank data shows that the sending of money between individuals in Brazil and other countries increased 10 percent in 2019 to $4.6 billion. The majority of these transactions rely upon the antiquated banking system Swift, making for an expensive process that can take up to a week.
According to Sacco, utilizing blockchain remittance through Ripple can cost 10 percent of the amount charged by traditional banking services.
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