Is Ripple Eyeing Expansion In Latin America? Ripple CEO Meets With Central Bank Of Brazil Officials

Ripple is speculated to be entering the Brazilian market as the CEO of the fintech company recently met with the President of the Central Bank of Brazil via video conference. As per the “Agenda of Authorities” on the Brazilian Central Banks official website, the President of the Bank, Roberto Campos Neto had a meeting with Brad Garlinghouse as well as other members of Ripple. 

Global Expansion for Ripple?

Other than Central Bank president and Ripple CEO Brad Garlinghouse, the meeting also included Ben Lawsky, Member of the Board of Directors of Ripple, Eric van Miltemburg, Senior Vice President, Global Operations, Ripple, Luiz Antonio Sacco, Vice President of Global Operations, and General Director for Latin America at Ripple. The meeting was scheduled for an hour from 5:00 pm to 6:00 pm on 30 May 2020. Since the meeting was closed to the press, the details about the conference remain uncertain, however, the Bank’s website suggested that “institutional matters” would be discussed in the hour-long meeting.

Even though no particular regulations pertaining to cryptocurrencies have been put in place in the country, the Brazilian law categorizes it as securities. In June, last year, Ripple set up an office in Brazil with an aim of expanding throughout Latin America.

Apart from this venture, Ripple already has clients like Santander Brazil, Remessa Online, BEXS, Banco Bradesco, Itau Unibanco, Frente Corretora de Câmbio, Banco Topazio Banco Rendimento as well as BeeTech Global in the country.

Luiz Antonio Sacca, the Vice President of Global Operations, and General Director for Latin America at Ripple was also part of the recent meeting. During the set up of the office, Sacco highlighted the company’s excitement to enter the Brazilian market. He stated,

“Brazil is a leader in innovation in the fintech sector and Ripple has differentiated itself in this sector, as it provides solutions already proven to solve real problems, paving the way for the rest of the South American continent .”

In other news, the past Co-founder of Ripple, Jed McCaleb, reportedly received about 79.7 million XRP worth 16.3 million USD from Ripple. McCaleb who is the present CTO of Stellar had sold about 82.5 million XRP back in May.

Ripple CEO Supports Black Lives Matter

In light of the situation in the United States, where 46-year-old man, George Floyd died in the hands of a police officer, Ripple’s Garlinghouse took a stand and showed his support for Floyd on Twitter. He tweeted,

He further added,