Leading provider of crypto solutions, Ripple has unveiled its RippleNet’s On-Demand Liquidity(ODL) in Brazil with Travelex Bank. The protocol confirmed the development in a Twitter post on its verified handle on Thursday. Reportedly, the development makes Travelex bank the first bank in Latin America to become registered and licensed by the Central Bank of Brazil to deal exclusively in foreign exchange.
As revealed, Ripple’s ODL solution allows users to instantly send money across borders using the XRP, its digital payment asset. Additionally, It enables users to send money with minimal transaction fees and without the need to hold pre-funded capital in the destination market.
Ripple CEO sees Brazil as the central market of Latin America
The CEO of Ripple, Brad Garlinghouse, has reacted to the development. According to him, Brazil remains the central market of Latin America and an important market for Ripple. The CEO added that this potential birthed series of entries into the market. Notably, Garlinghouse also maintained that institutions now consider the adoption of cryptocurrency and blockchain technology to solve customers’ needs.
The CEO further stated Ripple emanated with a focus on developing solution that delivers real utility. Also, he expressed the delight of his team over the innovative partnership with Travelex Bank. According to him, Ripple looks forward to efficiently and safely move funds to benefit its customers across Brazil.
Travelex Bank is 100% virtual and personal – CEO
Also, the CEO of Travelex Bank, Ana Tena, maintained that the bank remains a 100% virtual and personal bank. According to Tena, Travelex remains the first exclusive bank to secure the approval of the Apex bank in Brazil. The CEO added that the bank focus on offering the best solutions to individual and institutional customers.
Manuel Campanelli, Chief Business Development Officer with Travelex, noted that the partnership with Ripple tends to take the potential of crypto to many regions in a secure and compliant way. According to him, Travelex looks forward to emerging at the forefront of crypto adoption. Also, Campanelli further that the bank feels pleased to currently lead all financial institutions embracing the potential of crypto. Additionally, he expresses optimism that the trend possesses the capacity to change our movement and management of money.
Notably, the Brazilian Government has taken great steps toward ensuring the cryptocurrency industries in the state becomes fully regulated. Recently, it established a legislative framework capable of protecting customers and encouraging investment. Similarly, crypto adoption has continually grown in Latin America as consumer interest and institutional investment rose in 2021. Reportedly, over $780 billion are transacted annually in Brazil, making it the best market for Ripple and its customers.