Ripple is one of the world’s leading blockchain companies, it recently confirmed that the company has introduced RippleNet’s on-demand liquidity ODL to the growing market of Brazil.
ODL : A digital payments solution
The launch comes through Ripple’s partnership with Travelex Bank. Customers of the locally regulated bank will therefore benefit from XRP-powered cross-border payments settled on RippleNet’s On-Demand Liquidity (ODL) protocol.
Ripple has launched an asset-based digital payment solution in Brazil, in partnership with Latin American regulated bank Travelex Bank.
The business-focused solution will provide customers across the region with access to low-cost international payments, with instant settlement via RippleNet’s on-demand liquidity (ODL).
Ripple CEO Brad Garlinghouse noted in his commentary on the development that Brazil has become one of the region’s leading crypto destinations, with its largely crypto-friendly environment ideal for fintech innovation. As such, the country is experiencing an “explosion of activity” amidst the growing adoption of blockchain and cryptocurrency among institutional users.
He added that crypto is helping people solve payment problems, and the partnership with Travelex Bank reinforces that perspective.
From day one, we have been focused on creating truly usable solutions and we are thrilled to partner with an innovative partner like Travelex Bank to help move money more efficiently for the benefit of its customers across Brazil.
A strategy that will bring the benefits of crypto to many people
Ripple’s latest announcement came nearly a month after the blockchain company developed a collaboration with Fomo Pay. Some of Asia’s most prominent companies, including Tranglo, SBI Remit and Pyypl use Ripple’s ODL services.
Travelex Bank has a strong presence in Brazil. It is the first bank registered and licensed by the Central Bank of Brazil to operate exclusively in foreign exchange. Through its partnership with Ripple, the company aims to provide near-instantaneous settlements and access to liquidity.
We see this partnership as a strategic opportunity that will bring the benefits of crypto to many people in the region in a secure and compliant manner,” said João Manuel Campanelli, Travelex Group’s business development director.
Travelex has always been a forward-looking company and we are excited to lead the charge of traditional financial institutions embracing the benefits of crypto and using its power for real-world use cases that can radically change the way we move and manage money.