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According to Brad Garlinghouse, Brazil is a critical marketplace for the company as it is of great prominence to entire Latin America, and the beginning of this initiative will ultimately encourage Financial Technology innovation in the entire region.
Real-time gross settlement investment system, remittance network and currency exchange Ripple has launched its very own crypto on-demand liquidity (ODL) service in Brazil in collaboration with Travelex Bank. In an announcement, the crypto firm confirmed its collaboration with Latin American Bank Travelex to provide payment services in Brazil. The exchanges will be instantaneous and will allow people to send and receive money from relatives in other nations too.
Ripple’s ODL (on-demand liquidity) utilizes its native token XRP to catalyze the transaction and exchange of fiat tokens among the two countries. According to a statement by Ripple, Travelex is the first Latin American bank to implement ODL, claiming that the bank was also the pioneer bank to be authorized and backed by the Brazilian Central Bank to serve in overseas exchange.
The prerequisites to enable Ripple’s newly inaugurated services are few in number, thus making it convenient for Brazilians to use the service. The collaboration with Travelex also proves to be a good concept as any customer can easily walk into a bank and utilize the service. Ripple’s Chief Executive Officer is extremely optimistic about the recent launch in Brazil since the Brazilian market is an enticing opportunity for the crypto space. The nation is known for its openness to technological development, proving it to be the ideal country to kickstart a cross-border payment service.
According to Brad Garlinghouse, Brazil is a critical marketplace for Ripple as it is of great prominence to entire Latin America, and the beginning of this initiative will ultimately encourage Financial Technology innovation in the entire region.
Chief Operating Officer of Travelex Bank, João Manuel Campanelli said that Travelex will commence using ODL for payments in Brazil and Mexico for now, however, the company is planning to expand its services to the United States and Asia too.
Several Latin American countries witness their younger generations migrating to other countries who send back money to monetarily support their families and relatives. However, with the transaction costs skyrocketing, it gets very difficult for cross-border exchange to take place efficiently. Ripple, with its most recent services, is set to change the practice with its efficient and inexpensive cross-border payments.