Eric van Miltenburg, SVP Global Operations, Ripple

Silicon Valley-based Ripple, a blockchain solutions provider for cross-border payments has expanded its operations to Brazil with the aim of establishing a footprint in South America. In addition, Ripple is also bringing on seasoned fintech entrepreneur and executive Luiz Antonio Sacco as managing director to drive strategy and build the Ripple ecosystem in the region.

Ripple also plans on showcasing RippleNet, a global payments network that makes it easy for banks and payment providers to send cross-border payments worldwide at CIAB Febraban, São Paulo from June 11 to 13.

“In January, Ripple surpassed 200 customers on RippleNet. 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,” says Eric van Miltenburg, SVP of Global Operations, Ripple.

RippleNet has already been implemented by Kuwait’s National Bank of Kuwait (NBK),  to provide cross-border payments. RippleNet’s has already made inroads into Brazilian financial institution with a dozen customer including Santander Brazil, BeeTech and Banco Rendimento.

Ripple’s efforts in Brazil go beyond delivering software solutions to financial institutions. Consistent with its history as a mission-driven company, last year Ripple launched the University Blockchain Research Initiative (UBRI) to support academic research, technical development and innovation in blockchain, cryptocurrency and digital payments.

“We believe that academic institutions will play a key role in driving the blockchain industry forward. USP and FGV are innovative, forward-thinking institutions that are investing in blockchain research to explore new use cases and help prepare students for future jobs in this space,” Sacco concludes.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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