Enterprise blockchain and cryptocurrency solutions provider Ripple revealed last week the launch of RippleNet’s On-Demand Liquidity (ODL) in Brazil with Travelex Bank.
According to the official announcement, Travelex is the first bank registered and approved by the Central Bank of Brazil to operate exclusively in foreign exchange.
By utilizing XRP, Ripple’s ODL solution allows customers to send money across countries instantly with very low-cost settlement and without the need to hold pre-funded capital in the destination market.
Brad Garlinghouse, CEO of Ripple, commented:
Brad Garlinghouse
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. As a result, the market is experiencing an explosion of activity as institutions look to adopt crypto and blockchain technology to solve customer pain points.
Travelex Bank provides services aiming to simplify customers’ access to international money including remittance and international payments, ATMs, multicurrency prepaid cards, etc.
By using ODL, Travelex will deliver near instant settlement and constant access to liquidity, allowing its customers to better grow and scale their business. Travelex will support payments between Mexico and Brazil at launch, however the company revealed plans to support more corridors and use cases, including internal treasury and bulk small and medium-sized enterprises (SME) payments, in the future.
João Manuel Campanelli, Chief Business Development Officer of the Travelex Group, said:
João Manuel Campanelli Source: LinkedIn
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.
Latin American market
Crypto adaptation is growing in Latin America as consumer interest and institutional investment increased in 2021. With its proactive approach to regulating the crypto industry, Brazil has become a opportune market for Ripple, as well as the company’s customers who will benefit from the capabilities of cryptocurrency to enable cheaper and faster cross-border payments.
Ripple opened its Brazil office in 2019 and the company has announced plans to continue the expansion of its team in the region across policy, business development and engineering.
In 2020, Ripple announced RippleNet Cloud’s first bank customer in Brazil, Banco Rendimento.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
