Ripple, the blockchain company behind the XRP token, is targeting partnerships with banks in Brazil for remittance in 2020.
Per report by Reuters, Ripple’s blockchain platform intends to expand partnerships with banks in Brazil in an effort to grow into the global remittance market in 2020.
Ripple’s CEO in Brazil, Luiz Antonio Sacco, told Reuters the company is expecting to announce more partnerships with banking institutions in the coming months, having already signed deals with Santander, Bradesco, Rendimento and others.
Sacco said,
With successive advances in Brazilian banking regulation to facilitate financial transactions, including international, opportunities here will grow greatly in the coming years.
Per the central Bank data, the sending of money between individuals in Brazil and other countries increased 10 percent in 2019 to $4.6 billion. Sacco said utilizing blockchain remittance through Ripple can cost 10 percent of the amount charged by traditional banking services.