Ripple Discusses ‘Institutional Matters’ With Central Bank of Brazil

• Ripple holds close-door meeting with Central Bank of Brazil to discuss “institutional matters”

Ripple, the firm affiliated with the XRP cryptocurrency, had a closed-door conference with the central bank of Brazil via video conference on 30 May. The details about the discussion were not disclosed to the media. However, the website cites “institutional matters” as the purpose of the meeting.

Roberto Campos Neto, the CEO of the central bank had a meeting with Brad Garlinghouse, the CEO of Ripple along with the other officials including Ben Lawsky, member of the Board of Directors at the company, Eric van Miltemburg, Senior Vice President of Global Operations, Luiz Antonio Sacco, Vice President of Global Operations and General Director for Latin America at Ripple. 

As previously reported on BitcoinNews.com, Ripple had established itself in South America with the opening of an office in Brazil’s Sao Paulo. A remittance market value of USD 2.5 billion in Brazil makes it an attractive target for Ripple to offer cross market transfers with XRP.

Last year, Luiz Antonio Sacco revealed the Ripple’s plan to strengthen relationships with Brazil’s financial institutions throughout 2020. Notably, the company has kept up with the announcement as Ripple has already established partnerships with major local players such as Santander, Bradesco, and Banco Rendimento.

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