On the 11th June, Ripple
announced the launch of operations in Brazil. The US firm known for its use of blockchain for global payments plans to expand its reach in South America.
Ripple aims to reduce the cost and complexity of moving money internationally. It has two elements of functionality. The first is a messaging system which is far more modern in comparison to SWIFT, which means that bottlenecks are resolved quickly. This can be used for conventional bank payments, but incorrect details are resolved rapidly.
The second is the XRP token, which enables almost instant transfers. So far, the majority of adoption is the messaging aspect. Ripple also claims that failure rates and exchange costs are much lower.
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