Ripple, the San Francisco-based blockchain payments company, announced in a press release on Tuesday that it has officially launched in Brazil – kicking off its South American expansion in the continent’s largest nation. To support its expansion efforts, Ripple has brought on board seasoned fintech entrepreneur Luiz Antonia Sacco to serve as the company’s Managing Director to help develop business and drive strategy in the region.
Eric van Miltenburg, Senior Vice President of Global Operations, said in the press release, “The company is experiencing rapid customer growth across all markets, and is launching in Brazil in response to high customer demand in South America. We are fortunate to have Luiz on board to expand our presence in the region and help our customers address the challenges of cross-border payments.”
Despite Brazil President Jair Bolsonaro’s ignorance to Bitcoin and other cryptocurrencies, the blockchain market in the country is merely impossible to ignore. Brazil is the biggest cryptocurrency market among South and Latin American countries, reaching a trading volume of approximately 100,000 BTC in the month of April alone.
Ripple has already gained traction in the region, onboarding over a dozen Brazilian financial institutions and money remittance customers, including Santander Brazil, BeeTech, and Banco Rendimento. “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,” said Luiz Antonia Sacco. “Brazil is a leader in fintech innovation and positioned to forge a path for the rest of South America to follow.” Looking ahead, the firm is further committing resources to the country’s top post-secondary institutions, including University of Sao Paulo and Fundacao Getulio Vargas to support technical development and academic research in areas including engineering, law and business.