Japan’s major bank will use ripple for payments to Brazil
In yet another major milestone for the crypto industry, Japan’s biggest bank, MUFG, and Brazil’s Bradesco have signed up a Memorandum of Understanding in order to collaborate on creation of a new cross-border payment service based on ripple. Once in place, the system is set to make international payments fast, secure and traceable.
Based on the long shared history of two banks, financial experts see it as a very productive partnership. Their work together started back in 1973, when MUFG predecessor invested in Bradesco. Additionally, MUFG bank was the first Japanese financial institution to do business in Brazil, establishing a branch in Rio de Janeiro almost a hundred years ago, in 1919. Currently, the bank has a lot of interests in Brazil, one of them – cross-currency bonds and finance across the region, servicing and financing a wide variety of industries, from mining to natural resources and food.
Ripple’s technology is increasingly popular in the banking industry, with MUFG Bank and Banco Bradesco becoming two more major players on the list. Additionally, ripple has a lot of support around the celebrities as well, including Ashton Kutcher and Bill Clinton.