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RippleNet member NIUM partners with Brazilian foreign exchange to facilitate remittances

Namrata Shukla

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Source: Pixabay

RippleNet partner NIUM, formerly called InstaReM, has announced a partnership with Frente Corretora de Câmbio, a leading foreign exchange broker in Brazil. Under this partnership, NIUM will be aiding the foreign exchange’s cross-border payments. This could mean that Ripple’s intention of opening a payment corridor in Brazil could soon be a reality.

Prajit Nanu, CEO and Co-founder of NIUM, was pleased with the partnership and noted that Brazil is an important market for his company. He also informed the community of his plans to expand their presence in Latin America with the Frente partnership.

The CEO said,

“With NIUM’s fast, secure and cost-efficient cross-border digital money transfer platform, customers of Frente will be able to realize quicker remittances, while being more confident about delivery times and payout amounts.”

According to the announcement, NIUM will initially facilitate money transfers to the U.S. and later, extend to other countries like Japan, Australia, and Canada. The partnership will also pay more attention to its retail customers, and then offer its services to corporate and SME customers.

Ricardo Baracal, Partner of Frente, noted the importance of retail remittances and revealed that overall outward remittances from Brazil had crossed $2 billion. He added,

“We are experiencing increasing demand from our customers for cross border payments services, especially to the countries like Japan, China, United States and in Europe, where NIUM has strong presence. We are confident that the NIUM’s capabilities will strengthen our remittance platform in serving our clients.”

Frente is already one of RippleNet’s members and according to an active XRP community member, Leonidas Hadjiloizou, RippleNet might be maximizing the network’s effect by providing unique opportunities to the member.

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.