Ripple has announced a partnership with Travelex Bank to launch the Ripple On-Demand Liquidity service in Brazil. Bank customers will be able to make fast international payments using XRP.
As Ripple notes in a press release, Travelex will be the first bank in Latin America to use an On-Demand Liquidity (ODL) solution. It also became the first bank to receive permission from the Central Bank of Brazil to deal with foreign currencies. With the help of the XRP coin, bank customers will be able to instantly send money abroad with low fees, and they no longer have to wait several days for settlements and payments.
Ripple CEO Brad Garlinghouse called Brazil a key market for the company’s development in Latin America. There is a growing interest in crypto assets in Brazil as financial institutions seek to implement cryptocurrencies and blockchain to meet the needs of customers. In addition, in 2021, institutional investors have significantly increased their investments in digital assets. Garlinghouse added that more than $780 billion enters Brazil every year, so using Travelex’s ODL service will make cross-border payments more efficient.
Ana Tena, head of the Brazilian branch of Travelex Bank, said that with the help of ODL, the bank will ensure the smooth processing of payments between Mexico and Brazil. In the future, it is planned to expand the payment capabilities of small and medium-sized enterprises, as well as government agencies of these two countries, and add payment corridors for other states.
Brazil is actively working on regulations for the cryptocurrency industry that should both protect consumers and promote innovation. However, this month the Brazilian Congress postponed discussion of the cryptocurrency bill to September due to pre-election events.
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