Popular blockchain payments firm Ripple has reported it intends to expand its business in Brazil by partnering with more banks in the country in 2020.
The company, which began operating in Brazil earlier this year and already has several partnerships with Santander, Bradesco, Rendimento and other banks, intends to expand its presence by teaming up with more banks.
The company's main objective is reportedly to coordinate with the country's banks and regulators in order to increase the efficiency of payments.
Luiz Antonio Sacco, managing director of South America at Ripple, said:
"With successive advances in Brazilian banking regulation to facilitate financial transactions, including international, opportunities here will grow greatly in the coming years."
It must be noted that currently most cross-border payments in Brazil are made through SWIFT, so these are expensive and frequently take up to a week to be processed.
The use of Ripple's technology can significantly reduce both costs and time.
iHodl reported last week Ripple had said that 2020 will reveal new technologies and applications for cryptocurrencies.
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