Frente Corretora de Câmbio is an exchange broker based in Brazil. Founded in 2017 Frente Corretora has a business model based on the sale of exchange via correspondents. Today, 150 exchange correspondents (of which 80% are autonomous agents) are plugged into the brokerage house. The Front is already the 15th largest currency brokerage in the country, according to data from the Central Bank. The goal is to reach fifth place by the end of this year.
Community member ⌀?⌀ (twitter handle @0NaMeLesSNesS0) revealed on twitter that Frente has developed its platform in partnership with Ripple.
Indeed, according to Frente’s website:
“Front broker launches the Simple platform, which makes remittances to the outside via blockchain in minutes and without fixed rate
Making a shipment of money abroad has been a problem in the past. The operation could take days to complete and costs were high. This has changed with the arrival of fintechs – technology startups aimed at the financial sector. A Brazilian brokerage wants to surf this wave and become a Brazilian Transferwise.
The Exchange Brokerage Front , former XP Investments Carlos Brown and Ricardo Baraçal, will launch on Wednesday (22) Simple, a platform for sale of tourism exchange and international remittances developed in partnership with Ripple.“
The full article also reveals that:
Simple will allow Brazilians to make small remittances to other countries starting in June. Through blockchain, submissions, which may be up to $3000, will be credited to the target account in seconds. To perform operations, users will have to make a simple online registration, with quick validation through digital or selfie.
According to Baraçal, one of the members of the Front, the experience of the consumer makes all the difference:
“The Front’s mission is to simplify and democratize access to the foreign exchange market. No wonder we chose the Simple name for this new platform.”
Today, financial institutions charge fixed rates for small shipments that amount to up to R$400. According to Carlos Brown, another partner:
“Simple’s user is the average citizen, who has a child living outside the country, for example. This public does not make large remittances, it is a money for the family, and this percentage charged by the institutions ends up swallowing a very large part of the value.”
Simple’s development took little more than six months. In addition to investing in technology, the Front needed to establish itself in the United States as a financial institution. After opening a representative office in Miami, the brokerage firm is opening two more offices in US territory: one in New York and one in Boston.