According to a press release, Ripple has partnered with Travelex Bank to launch RippleNet’s On-Demand Liquidity (ODL) service in Brazil with an overarching goal of utilizing cryptocurrencies to facilitate cross-border payments that are cheaper and quicker. Ripple also made the announcement on its official Twitter page.
Ripple’s On-Demand Liquity (ODL) enables immediate international money transfers at a nominal cost of settlement. Additionally, the ODL does not call for any pre-funded capital in the market that is being targeted. As a result of the partnership, Travelex becomes the very first bank in Latin America to use Ripple’s ODL technology.
Speaking on the partnership, Ripple’s Chief Executive Officer Brad Garlinghouse pointed out that Brazil has emerged as one of the most significant crypto markets in the Latin American region due to the fact that the atmosphere there is mostly crypto-friendly and excellent for the growth of fintech. As a result, the nation is seeing a boom in activity as a direct outcome of the increasing acceptance of blockchain technology and cryptocurrencies among institutional users:
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.
According to the release, Brazil is the ideal market for this since the nation receives an annual total of $780 billion worth of payments and because the Brazilian government has been receptive to regulating the cryptocurrency sector in a manner that protects consumers and supports innovation.