One of the leading blockchain firms in the world, Ripple recently confirmed that the company has introduced RippleNet’s on-demand liquidity (ODL) in the growing market of Brazil. For the mentioned launch, Ripple has joined hands with Travelex Bank.
The latest announcement from Ripple came almost one month after the blockchain firm developed a collaboration with Fomo Pay. Some of the prominent firms in Asia, including Tranglo, SBI Remit and Pyypl are using Ripple’s ODL services.
Travelex Bank has a strong presence in Brazil. It is the first bank registered and approved by the Central Bank of Brazil to operate exclusively in foreign exchange. Through its partnership with Ripple, the company aims to deliver near-instant settlements and access to liquidity.
“We view this partnership as a strategic opportunity that will bring the benefit of crypto to many in the region in a safe and compliant way,” said João Manuel Campanelli, the Chief Business Development Officer of the Travelex Group. “Travelex has always been a forward-looking company, and we’re pleased to be leading the charge of traditional financial institutions who are embracing the benefits of crypto and utilizing its power for real use cases that can dramatically change the way we move and manage money.”
Latin America
Latin American countries like Brazil and Mexico are among the fastest-growing economies in the world despite some challenges. Due to Brazil’s proactive approach to regulating digital assets, the adoption of cryptocurrencies has increased significantly in the region.
"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. As a result, the market is experiencing an explosion of activity as institutions look to adopt crypto and blockchain technology to solve customer pain points," Brad Garlinghouse, the CEO of Ripple, commented on the latest partnership.
