Yesterday, Ripple announced a new partnership with Travelex to launch crypto payments in Brazil.
New partnership between Ripple and Brazil
Bom dia! Brazil is open for Ripple’s On-Demand Liquidity with Travelex—our first LATAM bank partner—and the first bank approved by the Central Bank of Brazil to operate exclusively in FX. We’re excited to bring crypto-native solutions to 🇧🇷https://t.co/G6U8nh9jIY
— Ripple (@Ripple) August 18, 2022
The partnership involves RippleNet’s On-Demand Liquidity (ODL) service and Brazil’s Travelex Bank, which will be the first bank in Latin America to use ODL.
Using the XRP cryptocurrency, ODL allows money to be sent across borders instantly, with very low costs and without the need to hold pre-funded capital in the target market.
However, the price of XRP today is falling sharply, as are those of all major cryptocurrencies.
The CEO of Ripple, Brad Garlinghouse, stated that Brazil is a key market for Ripple, given its importance as a business hub in Latin America. It should also be added that it is one of the South American countries most open to the use of cryptocurrencies.
Garlinghouse also says that the Brazilian market is experiencing a crypto explosion as institutions seek to adopt blockchain technologies to solve some critical issues.
“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”.
More than $780 billion in payments from abroad are sent to Brazil each year, making it an attractive market for those who can enable cheaper and faster cross-border payments.
Travelex Bank Brazil CEO Ana Tena commented:
“Travelex Bank is a 100% digital and 100% personal bank. We were the first exclusive foreign exchange bank approved and regulated by the Central Bank of Brazil. Focused on e-Fx transactions, we embrace tech to offer the best solutions to individuals and companies of all sizes and for the most diverse sectors”.
According to Travelex Group Chief Business Development Officer João Manuel Campanelli, this partnership is a strategic opportunity that will bring the benefits of cryptocurrencies to many people through real use cases that can radically change the way money is moved and managed.
Meanwhile, it is also emerging that Ripple may win the lawsuit brought against it by the SEC, and this could benefit the company’s future, and present, in no small way.