According to the Reuters report, Ripple, the company behind the third-largest cryptocurrency XRP, is planning to collaborate with banks in Brazil to utilize XRP for cross-border settlements. Ripple launched operations in Brazil to expand the use of XRP not only in Brazil but the whole South American region.
Ripple to collaborate with digital banks.
According to the report, Ripple is expected to announce partnerships in the coming months with more institutions, including digital banks. Ripple, recently raised $200 million in a series c funding around. The company has successfully partnered with several banks and financial institutions to make cross-border payments easier, utilizing XRP. MoneyGram is one of the financial giants that the company has partnered with.
A 10% rise in cross-border transactions in Brazil
The cross-border settlements between Brazil and other countries from January to November totaled the US $ 4.6 billion, an increase of 10% over the same period last year. Currently, all of these transactions are processed via SWIFT, which is quite expensive and very slow. Ripple aims to take over SWIFT to provide frictionless international payments. Ripple’s CEO in Brazil, Luiz Antonio Sacco, said, “With successive advances in Brazilian banking regulation to facilitate financial transactions, including international, opportunities here will grow greatly in the coming years.”