Ripple is opening a new headquarter in Brazil, bringing the nation closer to being a significant crypto and blockchain haven.
Brazil has long stood as among the largest South American crypto hubs. However, recent reports about its President’s lagging understanding of Bitcoin and other crypto assets have caused others to doubt the country’s power in the blockchain arena.
President Jair Bolsonaro previously asked if Bitcoin was “even a coin.” It is possible that Bolsonaro does not consider Bitcoin as money or a worthwhile investment. Therefore, his words could be indicating that the coin is not worth much in his mind.
Furthermore, Bolsonaro seems to be trying to ruin his predecessor’s earlier crypto goals with the sudden end of a crypto project which would have witnessed a new digital asset created for utilization by the country’s indigenous people. With the recent opening of a Ripple office, however, it is possible that he is only trying to focus on more mainstream crypto efforts.
Aside from opening its new Brazil office, Ripple is also onboarding FinTech entrepreneur and executive Luiz Antonio Sacco to serve as its new managing director. Sacco’s job includes driving strategy and establishing “the Ripple ecosystem in the region.”
“In January, Ripple surpassed 200 customers on Ripple Net. The company is experiencing rapid customer growth across all markets and is launching in Brazil in response to high customer demand in South America. We are fortunate to have Luiz on board to expand our presence in the region and help our customers address the challenges of cross-border payments,” SVP of global operations Eric van Miltenburg commented.
Regarding his forthcoming role in the crypto platform, Sacco stated:
“We’re excited to grow our ecosystem in the region and bring additional financial institutions onto Ripple Net to help provide excellent, efficient cross-border payment experiences for their customers. Brazil is a leader in fintech innovation and positions to forge a path for the rest of Latin America to follow.”
Ripple is presently working with various Brazilian higher-learning institutions and universities to create stronger blockchain coursework and education for pupils to prepare them for a blockchain-infused tomorrow.
“We believe that academic institutions will play a key role driving the blockchain industry forward. USP and FGV are innovative, forward-thinking institutions that are investing in blockchain research to explore new use cases and help prepare students for future jobs in this space,” Sacco noted.