Addressing Institutional Matters: Ripple’s Brad Garlinghouse Met With Central Bank Leaders In Brazil
Institutional money is pretty vital for the crypto space because, as more crypto voices said before, institutional investments can boost the crypto market and they can also bring the mainstream adoption of digital assets closer.
Ripple has been making some important moves in this direction for a while now and the firm has been also making efforts so that institutions work with crypto companies – the latest one is detailed below.
Brad Garlinghouse meets top people at the Brazil Central Bank
Ripple’s Brad Garlinghouse met with the top people at the Brazil Central Bank.
It’s been revealed that according to the Agenda of Authorities of Banco Central do Brasil, the one-hour video conference call was scheduled on May 30th from 5:00 pm to 6:00 pm to “address institutional matters.”
Besides him, more execs were there at the closed-door virtual meeting including global operations senior vice president Eric van Miltenburg and managing director of Latin America, Luiz Antonio Sacco, as revealed by the Daily Hodl.
The Central Bank Of Brazil was represented by the President Roberto Campos Neto, regulation director Otavio Ribeiro Damaso, and financial system organization and resolution director João Manoel Pinho de Mello.
Just in case you don’t know, back in 2019, Ripple opened an office in Brazil as well.
The firm has been making huge efforts to gain popularity in the country and lobbied cryptos and the ways they can become an integral part of the whole financial system.
“According to the head of the company in Brazil, the focus at the moment is to discuss with banks and regulators possibilities of coexistence of cryptocurrencies with traditional operations to make transactions in the global financial system more efficient.”
Other than this, if you’re wondering about the state of Ripple’s XRP in the crypto market, at the moment of writing this article, XRP is trading in the red and the coin is priced at $0.204841.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.