It is no secret that Ripple has taken an active role in the blockchain and digital asset space, engaging with regulators, authorities, and central banks across the world. Last week was no exception. Scheduled in the agenda of the Central Bank of Brazil, was a meeting with Ripple representatives.
According to the agenda, the virtual meeting lasted an hour. Ripple representatives included Brad Garlinghouse (CEO), Ben Lawsky (Member of the Board of Directors), Eric van Miltenburg (Senior VP, Global Operations), and Luiz Antonio Sacco (VP of Global Operations and General Director for LatAm). On behalf of the Central Bank of Brazil, its President Roberto Campos Neto was present along with João Manoel Pinho de Mello (Financial System Organization and Resolution Director) and Otavio Ribeiro Damaso (Regulation Director).
No specific information has been revealed other than the purpose of the meeting, to address institutional matters. No press was allowed.
Ripple and Brazil
Ripple officially launched its operations in Brazil a year ago, in June 2019. With Luiz Antonio Sacco in the helm, the Brazil office was tasked to grow its customer base and team in Brazil, and across South America including in countries such as Chile, Peru and Argentina.
Ripple has certainly been making its presence felt in the region. Currently, the Brazilian companies that are known to work with Ripple include BeeTech, Remessa Online, BEXS, Banco Bradesco, Itau Unibanco, Rendimento, Frente Corretora de Câmbio, and Banco Topazio.
According to Mr. Sacco, Brazil already represented about 30% of the total volume of remittance transactions made through RippleNet in December 2019 and was expected to announce partnerships in the following months with more institutions, including digital banks.
Central Bank of Brazil and innovation
The Central Bank has been investing in innovation and the modernization of the national financial system and Ripple’s blockchain tools are focused on banking transactions.
Campos Neto himself is a known enthusiast of blockchain and the possibilities that this technology allows in different areas – in this case, its applications for the financial environment.
“I believe that two technologies, mainly, will innovate in the financial world. The blockchain, on the network and registration side, and the use of the cloud, to store user information. Banks are becoming information companies, ”said Neto during an event in March 2019, just weeks after taking office.