Brazil Welcomes Ripple-Powered Cross-Border Remittance Platform
This year, Ripple and XRP have been enjoying more adoption and partnerships.
The San Francisco-based company has been boosting the adoption for XRP as much as possible.
Brazil exchange broker teams up with Ripple
Now, Brazil-based exchange broker Frente Corretora Cambio (the Front Exchange) has launched its fintech collab with Ripple.
The new blockchain platform is called Simple and it aims to allow people in Brazil to send cash across borders without the high fees and annoying slow transaction times that are usually seen in the traditional payments system.
Speaking of tradition vs. innovation, you may recall that Ripple has been working really hard to overcome SWIFT’s flaws.
SWIFT is the traditional payments system that has been used by banks and financial institutions for decades but it became plagued by various flaws, high fees, slow transaction times.
Simple platform’s focus is on delivering a powerful cross-border remittance solution
Anyway, the team behind the Simple platform aims to deliver a robust cross-border remittance solution for everyday Brazilians.
The Daily Hodl reports that as the “Transferwise of Brazil”, Simple would allow exchange correspondents that are linked to the Front to become “exchange fintechs” via their own customizable website.
The online publication also notes that the official announcement has been made on Wednesday at the StartSe Fintech Conference 2019 in São Paulo where 2,299 participants and 54 startups have met in order to discuss the advancements of open banking.
“About 453 fintechs operate in Brazil, a country where almost half of the population is unbanked. More than 1 billion reais were invested in these companies during 2018. Even with these large numbers, 41% of fintechs are still waiting for funding, which shows the potential of this market for 2019, with more unicorns emerging.” StarSe said.
Users will be able to send remittances in a few seconds and will also avoid the high fees for small remittances.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.