Brad Garlinghaus and other Ripple executives discussed ‘institutional issues’ with the Central Bank of Brazil.
According to the agenda of Roberto Campos Neto, the president of the Central Bank of Brazil, had a confidential video conversation with the CEO of Ripple and other executives of the company.
As the virtual meeting was not open to the media, there are no details regarding its content, as we only know that they discussed ‘ institutional issues ‘.
World Bank data show that Brazil has a $ 2.5 billion transfer market (one of the largest in South America) due to the large number of migrants sending money to the country. This largely explains Ripple’s interest in the state.
In December, the blockchain payment platform announced plans to build new partnerships with Brazilian banks (including digital ones).
Ripple launched its operations in the country in June 2019, which was the first stage of the company’s initiative in this region.
Some of Ripple’s high-profile customers in the region include BeeTech, a subsidiary of Santander Brasil, and Banco Rendimento. Ripple’s managing director in South America, Louise Antonio Sacco, expects many more growth opportunities in the near future.
“With several consecutive advances in Brazilian banking regulations to facilitate financial transactions, including international ones, the opportunities here will increase greatly in the coming years.”