Ripple is one firm with a strong penchant for the widespread adoption of cryptocurrency and sometimes via its own XRP. The parent body for the world’s third-largest cryptocurrency is known for its initiatives to support cryptocurrency and blockchain startups and also to deliver solutions to a large number of financial institutions already in their hundreds, all over the world.
Recently, Thailand’s oldest banks also announced a partnership with Ripple using the firm’s network to speed up transactions significantly and this is just one example. Now, according to the firm, it has recorded an outstanding number of transactions via its RippleNet platform.
Expanding Ripple’s User-Base
The firm, on its official website, recently announced its official launch of operations to Brazil, the biggest country in the South American continent. Also, as part of this announcement, Ripple disclosed a significant increase in new additions to its RippleNet and also the number of transactions on the platform.
“Ripple is experiencing dramatic growth, adding an average of two to three new financial institutions to RippleNet each week. The company saw more transactions on the network in Q1 ’19 than it did in all of 2018.”
RippleNet is the company’s network of corporate payment providers who use different solutions powered by the firm. xRapid and xCurrent are two Ripple-powered solutions with most of Ripple’s current clients using xCurrent to easily facilitate cross-border payments.
Currently, there already are a few different financial institutions in Brazil that use RippleNet. Some of them include Santander Brasil, BeeTech and Banco Rendimento. These institutions are already experiencing very fast transactions times at considerably cheaper costs. This continuous growth is guaranteed to add a few more feathers to RippleNet and see its application spread continuously.
According to Luiz Antonio Sacco, the Managing Director for RippleNet South America:
“We’re excited to grow our ecosystem in the region and bring additional financial institutions onto RippleNet to help provide excellent, efficient cross-border payment experiences for their customers.”
University Blockchain Research Initiative (UBRI)
Apart from the various financial solutions offered by Ripple the firm is also facilitating blockchain and cryptocurrency innovation and research in Brazil institutions including Fundação Getulio Vargas and also the University of São Paulo.