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Ripple Expands in Latin America on New Deal with Ripple Partner Bexs

Thu, 05/12/2022 - 10:23
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Tomiwabold Olajide
Subject to regulatory approval, the deal includes Bexs Banco (foreign exchange) and Bexs Pay (payments)
Ripple Expands in Latin America on New Deal with Ripple Partner Bexs
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Ripple-based remittances may soon expand further into Latin America as Ripple partner Bexs enters a new deal with Ebury.

Ebury, the Banco Santander-backed provider of corporate banking services to SMEs that trade internationally, has agreed to buy Bexs in a move that expands its international payments offering to Latin America, specifically Brazil.

Subject to regulatory approval, the deal includes Bexs Banco (foreign exchange) and Bexs Pay (payments), expanding Ebury's international money transfer options for SMEs. Bexs will also assist businesses that sell their products online in Brazil, particularly marketplaces, applications and software companies, with digital services.

Brazil-based Bexs Banco, which processes cross-border e-commerce payments for millions of customers, joined RippleNet in 2017 to connect with member banks in North America, Europe and Asia. Ebury is also backed by Ripple partner Banco Santander, which teamed up with Ripple to address customer feedback around the international payments process.

Brazil remains a leader in the adoption of new technologies in Latin America, promoting progressive crypto use and regulation. Brazil stated in March 2022 that it had chosen nine initiatives to advance its quest for the development of a Central Bank Digital Currency (CBDC), signaling a strong desire for a digital future. Brazil's central bank has likewise been ahead of the curve in expressing public interest in DeFi, NFTs and even the Metaverse's possibilities.

In Latin America, mainstream use of digital assets is accelerating, with Brazilian fintech leading the way. Brazil-based Nubank, one of the world's largest digital banking platforms, recently announced it would offer crypto buying, holding and selling capabilities powered by Paxos.

In recent updates shared by defense lawyer James K. Filan on the Ripple v. SEC lawsuit, the Ripple defendants' response to the SEC's brief asserting that the Hinman documents are protected by attorney-client privilege is due this Friday, May 13, while the SEC's response to the Ripple defendants' reply is due May 18.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.