Ripple is currently seeing a record-breaking burst in the number of transactions on RippleNet - the network of banks and financial institutions that use the firm’s suite of cross-border payment solutions.

The San Francisco startup made the announcement while they officially confirmed their move into South America.

“Ripple is experiencing dramatic growth, adding an average of two to three new financial institutions to RippleNet each week. The company saw more transactions on the network in Q1 ’19 than it did in all of 2018. In 2019, Ripple is focused on growing its customer base and team in Brazil, and across South America including in countries such as Chile, Peru and Argentina… In January, Ripple surpassed 200 customers on RippleNet. The company is experiencing rapid customer growth across all markets, and is launching in Brazil in response to high customer demand in South America.”

The majority of Ripple’s client base use the firm’s payment messaging system xCurrent in order to shift money across borders.

Customers who use xCurrent are also able to use the xRapid platform which launched for commercial use in October of last year. So far, one payment route is officially open for xRapid - between Mexico and the Philippines. The CEO of Ripple, Brad Garlinghouse recently said xRapid is also up and running in Argentina and Brazil but the company is yet to release a statement.

“People are getting liquidity that exists in the marketplace in local regions between XRP and the Philippine peso, XRP and the Argentine peso, XRP and the Brazilian real. And it’s tapping into that liquidity that exists in the marketplace.”

Ripple has said that more than a dozen financial institutions are already using its technology

in Brazil, including BeeTech Global, Banco Rendimento and Santander.

Via its University Blockchain Research Initiative, Ripple is also providing support for education on blockchain initiatives in Brazil including programs in São Paulo and Fundação Getulio Vargas.

In terms of price, Ripple’s XRP token is priced at $0.39 following a 0.11 percent increase over the past 24 hours.