Bac Florida Bank a Ripple customer since 2019

by | Jan 20, 2020

Bac Florida Bank is headquartered in Coral Gables, Miami, U.S. and has 45 years of banking expertise. It is part of Grupo Pellas, a business conglomerate with over 140 years of history and operations in 10 countries. As of December 31st, 2018, BAC Florida posted total assets of US$2,235 million, shareholders’ equity of US$205.9 million and net income of US$29.4 million. It currently has approximately 10,000 clients. BAC Florida operates primarily in the following business areas: Private Banking & Wealth Management, Corporate & Institutional Banking and Real Estate Financing. It also provides Domestic Personal, Commercial and Digital Banking and operates a Broker Dealer.

Valuable XRP community member Bank XRP pointed us towards the direction of Bac Florida and it appears that they have been using Ripple technology since 2019. According to their 2018 annual report:

“In 2019, we will continue our digitalization efforts through our association with Ripple, a financial technology company that utilizes blockchain technology, providing safer and quicker options for USD payment settlement and currency exchange. The implementation of Ripple illustrates our commitment in finding innovative solutions and driving quality service for our clients.

Banco Bradesco, a known Ripple customer, announced the acquisition of Bac Florida in May 2019.

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