Ripple-based remittances may soon spread deeper into Latin America, according to a new agreement between Ripple partner Bexs and Ebury
As a result of Ripple partner Bexs entering into a new partnership with Ebury, it is possible that Ripple-based payments may soon spread deeper into Latin America. Bexs is a provider of corporate banking services to small and medium-sized enterprises (SMEs) that engage in international trade. Ebury, which is backed by Banco Santander and offers these services, has reached an agreement to buy Bexs, which will expand its international transactions offering to Latin America, particularly Brazil.
The acquisition of Bexs Banco and Bexs Pay, which is contingent on the approval of regulatory authorities, would broaden Ebury’s offerings for the movement of money internationally to small and medium-sized businesses. Bexs will also provide digital services to support Brazilian firms who sell their wares online, with a special focus on online marketplaces, application and software developers and retailers.
Bexs Banco, established in Brazil, is a payment processor for millions of consumers engaged in cross-border e-commerce. In 2017, the company became a member of RippleNet in order to link with other member banks located in North America, Europe, and Asia. Additionally, Ebury has the support of Ripple partner Banco Santander. Banco Santander joined forces with Ripple to address consumer comments regarding the procedure of making foreign payments.
In Latin America, Brazil continues to be a pioneer in the use of new technologies, and the country is a proponent of progressive cryptocurrency usage and regulation. The announcement that Brazil has picked nine projects to promote its quest for the construction of a Central Bank Digital Currency (CBDC) came in March 2022. This was taken as an indication that Brazil has a strong ambition to move toward a digital future. Similarly, Brazil’s central bank has indeed been ahead of the trend in showing public interest in decentralized finance, non-fiat currencies, and even the opportunities presented by the Metaverse.
The usage of digital assets in everyday life is picking up speed across Latin America, with Brazilian fintech companies leading the charge. Recently, Nubank, which is situated in Brazil and is one of the biggest digital banking systems in the world, made an announcement that it will offer capabilities for purchasing, holding, and selling cryptocurrencies that are powered by Paxos.
Ripple defense attorneys’ reply to the SEC’s brief trying to assert that the Hinman documents are shielded by attorney-client luxury is due this coming Friday, May 13, according to recent updates on the Ripple v. SEC lawsuit that were shared by defense attorney James K. Filan. The SEC’s reply to the Ripple defendants’ reply is due on May 18.