Ripple Rolls Out Crypto-Enabled Payments in Brazil with Travelex Bank

Ripple’s on-demand liquidity (ODL) crypto service has been rolled out in Brazil in partnership with Travelex Bank, the company announced on Thursday.

The ODL will accelerate the transfer and exchange of fiat currencies between countries with the use of Ripple’s native token XRP.

Travelex, the first entity approved by the Brazilian Central Bank to do foreign exchange, will also be the first Latin American bank to use ODL, Ripple said in a statement.

Brad Garlinghouse, CEO of Ripple said:

“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.”

Garlinghouse added:

“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.”

The main goals of Travelex Bank are to provide customers with easy access to international money through services such as ATMs, multicurrency prepaid cards and remittance services.

Ana Tena, CEO of Travelex Bank Brazil, 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.”

ODL will first be used for payments between Brazil and Mexico, and at a later stage extended to the United States and Asia.

According to Ripple, its cross-border payments system, RippleNet, is already being used by other Brazilian firms, for example Banco Rendimento, Remessa Online, B&T Câmbio and others.