Brazil is an exciting region for finance and cryptocurrency developments. Ripple emphasizes this region through a new venture with the help of Travelex Bank. Its crypto-enabled enterprise payments solution highlights the potential of Ripple’s On-Demand-Liquidity (ODL).
Another Push By Ripple
Opinions differ on whether Ripple and its services are cryptocurrency-oriented or more finance-related. Either way, the company intends to use digital assets to transform the way payments are conducted globally. Brazil is a region of interest for the firm – and other companies – due to the opportunities it represents. Bringing On-Demand Liquidity (ODL) to this region can help unlock new opportunities.
With the help of Travelex Bank, customers can send money across borders more quickly and efficiently. Travelex is an unusual bank as it is the first registered and approved institution to operate solely in foreign exchange. Dealing with foreign currencies requires substantial liquidity and keeping costs as low as possible. On-Demand Liquidity by Ripple may be the solution to that problem.
Ripple CEO Brad Garlinghouse adds:
“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.”
Travelex has tapped Ripple to offer its customers the best experience possible. Most Travelex Bank users have limited funds to cover the costs of pre-funding foreign exchange payment corridors. With ODL, the costs will come down significantly, and users will benefit from the near-instant settlement. The initial rollout will focus on payments between Mexico and Brazil, with more corridors to follow in the coming months.