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  • Ripple is set for expansion in South America.
  • The head of the Central Bank of Brazil had a video call with Ripple’s CEO.

The governor of the Central Bank of Brazil, Roberto Campos Neto, held a video conference with Ripple’s CEO Brad Garlinghouse on May 30. 

According to the agenda of Roberto Campos Neto, the president of the Central Bank of Brazil, he had a confidential video conference with Ripple CEO Brad Garlinghouse and other representatives of the blockchain company on May 30.

The virtual meeting was closed to press, so no details of the conversation is available. However, according to the agenda of Roberto Campos Neto, discussion addressed some ‘institutional matters.’

Brazil is one of the markets targeted by Ripple as its remittance market exceeds $2.5 billion. This is one of the largest markets in the South America. A large population and a big share of migrants who regularly send money home makes it a sweet spot for the fintech startup focused on creating blockchain-based payment solutions.

In December, Ripple announced its plans to enter new partnership deals with Brazilian banks. By now, dozens of local institutions have joined RippleNet network, including Santander Brasil subsidiary, BeeTech, and Banco Rendimento. 

The company believes that the region has a great potential in terms of financial transactions and money transfers. Luiz Antonio Sacco, Ripple’s managing director in South America, explained that new trends in Brazilian banking regulation aimed at to facilitating financial transactions bring new growth opportunities.

Currently, the vast majority of Brazilian transactions are processed by SWIFT. However, Ripple solutions will make them significantly cheaper and faster.