Ripple in partnership with Travelex Bank has introduced its crypto on-demand liquidity (ODL) service in Brazil. The service uses XRP token to accelerate the transfer and exchange of fiat currencies between countries. It should be noted that Travelex Bank is the first bank in the Latin American region to utilize ODL. The institute is also approved by the Central Bank of Brazil to operate exclusively in foreign exchange.
Brad Garlinghouse, the CEO of Ripple, described Brazil as a key market for the crypto company given its importance as an anchor to business in Latin America, its openness to crypto, and country-wide initiatives that promote fintech innovation. He said the market is seeing an explosion of activity as institutions look to adopt crypto and blockchain technology to solve customer pain points. Garlinghouse outlined that Ripple has focused on building solutions that deliver real utility. As such, the platform is excited to collaborate with an innovative partner like Travelex Bank to help move money more efficiently for the benefit of its customers across Brazil.
Ana Tena, the CEO of Travelex Bank Brazil, said Travelex Bank is a 100% digital and 100% personal bank. Moreover, it’s the first exclusive foreign exchange bank approved and regulated by the Central Bank of Brazil. Travelex Bank looks into e-Fx transactions. It embraces tech to offer the best solutions to individuals and companies of all sizes. Travelex, through the use of ODL, will deliver near the instant settlement and access to liquidity 24/7/365 – allowing them to grow better and scale their business. Travelex Bank will support payments between Mexico and Brazil. It plans to support more corridor and use cases, including internal treasury and bulk small and medium-sized enterprises (SME) payments in the future.