Ripple Comes Closer To Latin American Customer With Its New Office In Brazil

Ripple in Brazil

Ripple, the firm behind the development of XRP, is in the spree of global expansion, presently they are planning to open their new office in Brazil to serve the Latin American customers.  The news surfaced on 10th June.

The company is planning to announce the latest development in banking and financial event that is to be held in Sao Paulo from 11th to 13th June, the event is popularly known as CIAB Febraban.

The new workplace will bring them closer to the banks and payment providers of South America for fast and transnational transaction over the blockchain. Local companies like Santander Brasil, BeeTech Global, and Banco Rendimento has already joined the Ripple bandwagon to use their flagship solution.

The previous CEO of Warranty Group, Antonio Sacco, will be joining as head of the new ripple office. Sacco has already joined Ripple in March this year has said Ripple is planning to attract more customers to their payment platform RippleNet. He told the company is intending to serve whole South America and not only Brazil.

Presently RippleNet is used by 200 banks and payment network. The company currently has a workplace in Mumbai, Singapore, Sao Paulo, Sydney, San Francisco, and New York. As per the new reports, the company has also started the workplace in Zurich to support the institutional investors.

Ripple is continuously developing its payment network and is developing several blockchain based solution for cross border transaction in a quicker and economical way. The xRapid solution of the company has shorter transaction time and is being tested by many prominent companies like Moneygram and western union, but none of them have adopted it completely.

As per the critics, Brazil is a growing market for the crypto enthusiast, as more and more individuals are turning towards cryptocurrencies for trading and investment. Although the country is not fully embracing it at the moment.

In the meantime, the largest bank of Thailand, Siam has withdrawn their statement that they will be supporting XRP token of Ripple. The bank has clarified its statement and expresses regret for the same through a tweet.

New Brazilian President Shows Hostility Towards Bitcoin, Proposes Introducing ‘Euro’ For South America

Brazil and Bitcoin

South America has been one of the favorable regions for cryptocurrencies, and demand for Bitcoin and other popular altcoins has always been on the merrier side. However, things in Brazil, the dominant force in South America, seems to be getting worse after Jair Bolsonaro was elected as the new President.

The man, infamous for his unapologetic racist behavior against the indigenous population of the country, is also against cryptocurrencies. His hatred towards Bitcoin has caused cancellation of an $11.5 million crypto project for the use by the indigenous population of the country. The government was introducing the crypto project for the natives, who largely remain unbanked traditionally; however, the hostility from Bolsonaro crushed everything.

The newly elected president is notoriously famous for working against the interests of the indigenous communities. He had recently said,

“The Indians do not speak our language; they do not have money; they do not have a culture. They are native peoples. How did they manage to get 13% of the national territory?”

When asked about Bitcoin recently at a press conference, Bolsonaro admitted that he knew nothing about Bitcoin. Still, he rejected it, stating that it is an evil force. It has unfortunately become a norm in the world that regulators, who have limited or no knowledge about Bitcoin or cryptocurrencies in general, yet they claim that digital currencies are threats to the economy. Not only in Brazil but many countries like the US, China, India, etc. the climate has become quite hostile towards cryptocurrencies.

Moreover, Bolsonaro wants a Euro-like single currency for the entire South American continent. The decision could prove disastrous, given the fact that unlike Europe, economies in South America are quite contrasting to each other. Also, despite Bolsonaro’s hostility, Brazilians are buying Bitcoin like never before, which is touted to be a hedge against the government’s uncertain economic policies.