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Ripple, the blockchain company known for providing cross-border payment solutions has been working on expanding its customer base. This time, it is facilitating cross-border payment between Brazil and Japan.
This was announced on the company’s Twitter page today 10 November 2018. Prior to this, a subsidiary of Japan-based MUFG Bank LTD, Banco MUFG Brasil S.A., had agreed to partner with Brazilian banking and financial services company Banco Bradesco S.A. to establish a cross-border payment service between the two countries – an agreement that had started last year.
Ripple is the leading blockchain company in provision of cross-border payment services and the only one involved with banks instead of competing with them. It has been very successful since the launch of its foremost product for cross-border payment, xRapid.
The company’s move to extend its reach has been largely successful, and recently its global head of infrastructure innovation, Dilip Rao, said a new office will be opened in Dubai by the end of the year to commence operations by 2019.
The Brazil-Japan cross-border payment agreement won’t be the first facilitated by Ripple’s blockchain. Just last month, another cross-border payments service provider, MoneyMatch, completed the first Malaysian cross-border blockchain payment on Ripple’s global payment network Ripplenet.
Ripple’s over 200 partnerships with clients around the world has definitely facilitated adoption of its crypto asset XRP, and the new Brazil-Japan agreement is expected to do the same. Ripple will be powering the payment system which it has designed, on its blockchain.