The San Francisco-based company ripple has just recently had a closed door meeting with the central bank of Brazil at the end of last month on the 30th of May. The meeting was allegedly in regards to discussed institutional matters.
According to the bank's website, President Roberto Campos Neto had a video conference with the chief executive officer of the blockchain company, Brad Garlinghouse as well as three other representatives from the company. Even though there is little to go on in regards to details of the talk, the two words ‘institutional matters’ were the general purpose for the meeting taking place.
Ripple has big plans for Latin America and Brazil particularly as has been well known since June last year. The company launched a Sao Paulo office in Brazil last summer with the aim to expand more across the continent. But the main interest for Ripple seems to be the remittance markets. The company looks to facilitate cross-border settlements with its XRP token and as remittance flows in Brazil are valued at over $2.5 billion, this makes it a local market very desirable for a cryptocurrency company like ripple.
Luiz Antonio Sacco, the general director of ripple in Brazil was also present for the meeting with the central bank and has previously announced that the company has an intention to boost its partnerships with other banking and financial institutions within the country throughout this year. As to how that has been playing out is unknown given the current crisis going on with COVID-19.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
