Ripple seems to be expanding its operations even more. The San Francisco-based company launched an office in Brazil, and this will expand the operations of the firm in South America.
Daily Hodl reported that at the helm is Luiz Antonio Sacco. He’s a former CEO of the Brazilian subsidiary of the Warranty Group, a global warranty solution provider.
Ripple’s hub for all South America
This new office will be Ripple’s hub for all South America, as reported by Cointelegraph Brazil.
Here’s what Sacco said: “We are excited to expand our ecosystm in the region and bring more financial institutions connected to RippleNet, which will contribute to the greater efficiency of global payments and, above all, a better experience for its customers.”
Sacco also made sure to note the fact that “Ripple has differentiated itself in this sector because it offers proven solutions to solve real problems, opening the way to the rest of the South American continent.”
Ripple to become a game changer
This means that for South America, Ripple definitely has the potential to become a game changer for the financial sector.
The truth is that Ripple has been working really hard to overcome the flaws that have been plaguing the traditional payments system SWIFT.
Even if SWIFT has been used by banks and financial institutions for decades, the system reportedly failed to keep up with the innovation of technology and it has its flaws regarding the speed of transactions, high costs and also security.
You may recall that the Euro Exim Bank ditched SWIFT after a security-related problem which caused the loss of a transaction and they started using Ripple’s solutions which provide faster speeds, lowers costs and more safety.
It’s also important to mention that Ripple launched a new office in Switzerland that aims to sell XRP to institutional investors.
The office is strategically placed in Zurich which is the biggest city with the highest number of banks.