Ripple, Travelex to Set Up an Enterprise Crypto Payments System in Brazil

Following the introduction of RippleNet’s On-Demand Liquidity (ODL) with FX provider Travelex, Ripple’s XRP cryptocurrency will serve to allow rapid and cost-effective cross-border transactions in Brazil. Ripple announced on August 18 that the foreign exchange business Travelex would use On-Demand Liquidity to allow cross-border transactions between enterprises using the XRP coin. It further stated that Travelex Bank is the only bank authorized by the central bank of Brazil to conduct solely foreign currency transactions. While other Latin American enterprises like Banco Topazio, Banco Rendimento, Frente Corretora, and Remessa Online have previously used RippleInternet services, clearance by the Central Bank of Brazil signifies the first time a Latin American financial firm has used ODL. Travelex will first facilitate cross-border transactions between Brazil and Mexico, with the intention of opening up other payment channels in the area and new use cases tailored to the needs of companies in the future. A Key Market For Ripple – Brazil The implementation of a crypto-friendly legal environment in Brazil, as well as rising interest in cryptocurrency solutions, according to Ripple CEO Brad Garlinghouse, makes the nation a fantastic match for the ODL: “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 innovatio...