Brazil’s Ramessa Online Uses Ripple’s xCurrent But Awaits Full Regulations Before XRP Integration

2019-2-6 19:28

Ramessa Online, a company located in Sao Paulo, announced that they are waiting for XRP to be regulated before starting to use the digital asset. Remessa Online is also a partner of Ripple. The San Francisco-based company is offering services to financial institutions all over the world trying to make cross-border transactions faster and easier.

At the same time, Ripple launched the xRapid product that allows companies to source liquidity on-demand using the XRP digital asset. Back in 2016, Ripple launched xCurrent, one of the main solutions for financial and banking institutions around the world.

The decision that was taken by Ramessa Online shows that there are still some uncertainties regarding how regulatory agencies are going to control the market, specifically Ripple and XRP. The U.S. Securities and Exchange Commission (SEC) could eventually classify XRP as security and crack down on coin holders. This is something that would be very negative for the virtual currency and the crypto market as a whole.

The xCurrent solution has been embraced by different companies around the world that are trying to reduce the costs and transaction times for their cross-border payments.

Although Ramessa Online mentioned that they might not be able to use the XRP digital currency now, in the future they are open to start using it if the regulatory framework is more clear regarding the digital asset.

We are live on xCurrent, but we do plan to expand to XRP some time in the near future. We will keep you guys updated!

— Remessa Online (@RemessaOnline) February 5, 2019

On February 5, the company announced that they have partnered with Ripple to start offering a new standard for remittances in Brazil. In the near future, as the firm explained, they might add XRP.

Remessa Online has now partnered with @Ripple to offer a new standard for remittances in Brazil. Let’s Bee Global Together! https://t.co/ZjyJmsU9qV

— Remessa Online (@RemessaOnline) February 5, 2019

The remittance firm wants to be compliant with law authorities in the countries it is currently operating, including Brazil. In the country, individuals that want to perform transactions must submit personal details, including national ID and residence documents.

XRP is one of the largest digital currencies in the market. At the time of writing this article, XRP has a market capitalization of $12 billion and each coin can be purchased for $0.29. XRP is the second most valuable virtual currency after Bitcoin (BTC).

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