Ripple, an American-based leader in crypto solutions for businesses, has announced the launch of its crypto on-demand liquidity) in Brazil.
The statement states that Travelex Bank will be the first Brazilian financial institution using the ODL to increase its trading activities.
Ripple’s ODL solution uses XRPA digital asset that is ideal for payments, allowing clients to instantly send money across borders with very low-cost settlements between countries.
Travelex Bank wanted to improve the customer experience for its partners. They have limited capital which makes it difficult to pay pre-funding costs.
Travelex will be using ODL to provide instant settlement and liquidity access 24/7/365 to its partners, allowing them to grow and scale their businesses.
Travelex will initially be using ODL to support payments between Brazil & Mexico. Future plans include support for more international destinations, such as internal Treasury and bulk small- and medium-sized enterprise (SME), payments.
Ripple CEO Brad Garlinghouse spoke about the new development. “Brazil, given its importance in Latin America, is a key market to Ripple,” he said. Travelex Bank is an innovative partner that we are thrilled to work with to move money more efficiently to the benefit of our customers in Brazil.
Bank Sector Conquerors Continue to Win
Travelex joins other Ripple customers and partners in the region, including Banco Rendimento, Remessa Online, Frente Corretora, Banco Topazio, and B&T Câmbio already benefiting from RippleNet cloud technology.
Ripple opened a local office in Sao Paulo in Brazil in 2019, to establish a foothold in Latin America and expand its reach in that region.
Banco Rendimento bought RippleNet cloud services in June 2020 to increase their payment volumes and give clients greater visibility, transparency and standardization in balances.
Rendimento Bank joined other financial institutions that are already using the RippleNet Cloud.
RippleNet cloud is used by banks and financial institutions to maximize their business benefits. It allows for faster innovation and quicker time-to market, while also reducing total cost of ownership.
RippleNet cloud allows you to send and receive payments from financial institutions via RippleNet, the global network for Ripple’s Blockchain payments.
Ripple and XRP have been trusted by several banks as a model CBDC because they are highly centralized and rely on a permissioned network that allows transactions to be validated. This is in contrast to permissionless and decentralized cryptocurrencies like Bitcoin. Bitcoin Ether.
Garlinghouse’s firm previously looked to partner with Brazil for the CBDC (Central Bank Digital Currency) issuance.
In August 2020, the Banco Central do Brasil (BCB) – Brazil’s central bank – launched a working group for the development of its digital currency two months after holding a meeting with Ripple Labs.
In November last year, Palau – the pacific island country – partnered with Ripple Labs Inc. to explore the development of its national digital currency.
In March last year, France’s central bank, Banque de France, openly discussed Ripple/XRP as a possible platform for Europe’s central digital currency.