Ripple Sets Up Branch in Brazil, Plans to Continue with Its Latin America Rollout

  • Yuri Molchan
    📰 News

    The Ripple platform, which manages one of the highest-valued tokens in the market, XRP, now opens an office in Brazil to spread around Latin America from there


Ripple Sets Up Branch in Brazil, Plans to Continue with Its Latin America Rollout
Contents

The company behind the third-largest coin by market cap, XRP, announces the launch of an office in Brazil, as reported by Cointelegraph Brazil. Though there are many controversial accusations against Ripple which claim that the platform is centralized or that it is a scam, Ripple keeps expanding and feels good, in spite of the uncertainty of the crypto market and its volatility.

Ripple to keep rolling out its RippleNet service

This step will be officially announced between June 11 and June 13 at the CIAB Febraban event which is due to occur in São Paulo.

The reports have it that Ripple’s new branch will be run by Luiz Sacco, the ex-chief executive of the local office of the Warranty Group.

Sacco came to work for Ripple in spring this year. In an interview, he states that Ripple intends to find more clients to join utilizing RippleNet, the technology for conducting instant payments.

The goal of this is to have not only banks and financial organizations located in Brazil but all over Latin America as well.

So far this year, Ripple already got more than 200 clients for RippleNet around the globe who are testing XRP for transnational payments.

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Ripple to roll out an educational initiative

The crypto company also intends to provide seminars, training programs, etc, teaming up with Brazilian universities. As per Sacco, this will contribute to the promotion of DLT and raising awareness about it and crypto in general among average users

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About the author

Yuri has worked in crypto since 2017. A translator, quickly became a crypto enthusiast. He has worked for several Telegram channels covering cryptocurrencies. Currently is a news writer, covering crypto and blockchain-related topics.

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Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  


Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  
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Social media juggernaut Facebook is about to launch its Libra cryptocurrency, which, as expected, is currently on everyone’s lips.

According to a recent CNBC report, financial analysts appear to be on the same page when it comes to bullish Facebook predictions.   

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The talk of the town

There is a schism in the cryptocurrency community concerning Facebook’s foray into crypto. While some think that Facebook undermines Satoshi Nakamoto’s vision of a decentralized cryptocurrency, prominent influencers, including Mike Novogratz and Anthony Pompliano, look at the bright side.

On the flip side, major Wall Street players seem to agree that Facebook’s stock will see plenty of love once the company unveils its much-talked-about crypto project.

SunTrust, MoffettNathanson, Bank of America stick with a “buy” rating on Facebook.

MoffettNathanson goes as far as claiming that the Mark Zuckerberg-led company aims to become the biggest e-commerce platform on the planet.

We believe a Facebook cryptocurrency-based payments system could be especially useful in countries with high inflation/unstable banking systems and for cross-country remittances. So, Facebook’s commerce ambitions do not appear to be limited to developed markets. Rather, Facebook has its eyes set on becoming the world’s leading ecommerce platform as well.”

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Not the right company?  

As reported by U.Today, Facebook joined forces with VISA, Paypal, and a slew of other startups that became part of the Libra consortium for a whopping $10 mln fee.

The company itself remains radio silent about its crypto ambitions, but there have been countless reports on that topic since December.

We are about to see a fiat-pegged stablecoin that will be integrated into Facebook, Instagram, and WhatsApp.

After being plagued with huge data scandals, Facebook will probably have a hard time convincing regulators to green-light its new cryptocurrency. Hence, it might be a promising idea, but not the right company to pull it off.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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