Ripple is going to make new partnerships with banks in Brazil in the next coming year. The company is already working in the country on a large scale. The news of new partnerships is reported by Reuters.

New Banking Partnerships are expected

Luiz Antonio Sacco, managing director at Ripple said that the regulators who are dealing with digital currencies are helping out the Ripple foundation to flow the digital currency throughout the country. Ripple is in the process of talking with the various banks to make use of XRP for remittances.

It is reported that the company is already working with some banks such as Rendimento, Santander Brasil and Bradesco. But these banks are, currently, utilizing the payments messaging system of Ripple. And no one is making out transactions in XRP.

Ripple has established its official office in Brazil in July of this year. The Sacco reported that the 30% volume of all Ripple transactions is done in Brazil.

We’re excited to grow our ecosystem in the region and bring additional financial institutions onto RippleNet to help provide excellent, efficient cross-border payment experiences for their customers. Brazil is a leader in fintech innovation and positioned to forge a path for the rest of Latin America to follow.

The crypto firm has not only focused on Brazil but it is also working in other countries. These countries which are the targets of the firm include South African countries such as Argentina, Peru, and Chile.

Ripple CEO

The CEO of Ripple, Brad Garlinghouse is very optimistic about the coming year. He also said that minor cryptocurrencies will leave out in the run because everything is heading towards quality.

According to Garlinghouse: