Ebury’s purchase of Ripple partner Bexs in a recent deal sets to increase the expansion chances of Ripple-based remittances in Latin American countries.
Ebury, a Banco Santander-backed provider of corporate banking services to international SMEs, has agreed to acquire Bexs, expanding its international payments offering to Latin America, particularly Brazil.
The deal includes Bexs Banco (foreign exchange) and Bexs Pay (payments), boosting Ebury’s international money transfer alternatives for SMEs, subject to regulatory approval.
Bexs will also provide digital services to businesses that sell their products online in Brazil, mainly marketplaces, applications, and software firms.
Bexs Banco, established in Brazil, connects with member banks in North America, Europe, and Asia to handle cross-border e-commerce payments for millions of clients.
Ebury is also funded by Ripple partner Banco Santander, which collaborated with Ripple to address client concerns about international transfers.
Digital assets adoption in Latin America
Digital asset adoption is rising in Latin America, with Brazilian fintech leading the way. Nubank, one of the world’s leading digital banking systems, just announced that it will offer Paxos-powered crypto buying, holding, and selling.
Brazil announced in March 2022 that it had picked nine initiatives to further its pursuit of a Central Bank Digital Currency (CBDC), indicating a strong ambition for a digital future. Brazil’s central bank has been ahead of the curve in showing public interest in DeFi, NFTs, and even the prospects of the Metaverse.
The Ripple defendants’ response to the SEC’s brief asserting that the Hinman documents are protected by the attorney-client privilege is due this Friday, May 13, according to recent updates shared by defense lawyer James K. Filan on the Ripple v. SEC lawsuit. The SEC’s response to the Ripple defendants’ reply is due May 18.