Ripple and Brazil’s Central Bank Hold Closed Meeting to Discuss «Institutional Matters»

Ripple had a closed-door meeting with the central bank of Brazil on May 30 to discuss “institutional matters”. According to the financial institution’s website, its president Roberto Campos Neto had a video conference with Ripple CEO Brad Garlinghouse and three other representatives of the crypto firm.

Ripple’s ambitious plans for Latin America and Brazil in particular surfaced in June last year, when the company launched a Sao Paulo office with the aim to expand across the continent.

Remittance markets are the primary interest for Ripple, as it intends to facilitate cross-border settlements with the XRP cryptocurrency. Brazil’s remittance flows are valued at $2.5 billion, making the local market a desirable goal for the cryptocurrency company.

So far, Ripple has secured alliances with at least three major local players — Santander, Bradesco, and Banco Rendimento — via its blockchain-based financial services network RippleNet.