Ripple has partnered with Latin American bank Travelex to launch the first On-Demand Liquidity (ODL) service in Brazil.
Ripple Partners With Brazilian Bank
Ripple is on a global expansion mission. In its latest endeavor, the crypto payments company partnered with Brazil’s Travelex Bank to launch the first On-Demand Liquidity (ODL) service in Latin America. Since Travelex is the first and only bank registered and approved by the Central Bank of Brazil to operate exclusively in foreign exchange, the integration of the RippleNet ODL service feels appropriate.
The Ripple team announced the project via a statement,
“From day one, we’ve focused on building solutions that deliver real utility and we are excited to collaborate with an innovative partner like Travelex Bank to help move money more efficiently for the benefit of its customers across Brazil.”
Brazil Becoming More Crypto-Friendly
Under this service, Brazilian customers will be able to use Ripple’s native token XRP for cross-border payments at low settlement charges and without having to hold pre-funded capital in the destination market.
The entire LatAm region, on the whole, is moving more and more towards cryptocurrency and its use as a decentralized currency tool. More specifically, the Brazilian government has moved toward a more pro-crypto policy framework through legislation that protects consumers as well as encourages innovation. With Brazil receiving over $780 billion in payments, it is a lucrative market for Ripple to explore.
Ripple CEO Brad Garlinghouse said,
“Brazil is a key market for Ripple given its importance as an anchor to business in Latin America, its openness to crypto and country-wide initiatives that promote fintech innovation…From day one, we’ve focused on building solutions that deliver real utility and we are excited to collaborate with an innovative partner like Travelex Bank to help move money more efficiently for the benefit of its customers across Brazil.”
Travelex Simplifies International Money Access
The partnership will also help Travelex Bank simplify customer access to international money primarily through an easier remittance payment method. In addition, the bank is also trying to facilitate a better user experience for business partners that cannot cover the costs of pre-funding through the use of ODL. The bank can now provide instant settlement and round-the-clock access to liquidity, thanks to the RippleNet technology.
João Manuel Campanelli, Chief Business Development Officer of Travelex, said,
“We view this partnership as a strategic opportunity that will bring the benefit of crypto to many in the region in a safe and compliant way. Travelex has always been a forward-looking company and we’re pleased to be leading the charge of traditional financial institutions who are embracing the benefits of crypto and utilizing its power for real use cases that can dramatically change the way we move and manage money.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
