San Francisco and Sao Paulo–(business wire) — Ripple, a leading provider of enterprise blockchain and cryptocurrency solutions, today announced the launch of RippleNet’s On-Demand Liquidity (ODL) in Brazil with Travelex Bank., First bank in Latin America to use ODL. Travelex is the first foreign exchange-only bank registered and authorized by the Central Bank of Brazil.
Leveraging XRP, the ideal digital asset for payments, Ripple’s ODL solution enables customers to send money instantly across borders with very low-cost payments, pre-funded in the destination market. You don’t have to hold the capital you made.
“Brazil is an important market for Ripple given its importance as an anchor for business in Latin America, its openness to cryptocurrencies, and its nationwide initiatives promoting fintech innovation. We use technology to solve customer pain points,” said Brad Garlinghouse, CEO of Ripple. “From day one, we have focused on building solutions that provide true utility. We are working with innovative partners like Travelex Bank to turn money more efficiently for the benefit of our customers across Brazil. I am happy to move.”
Brazil has taken a proactive approach to regulating the cryptocurrency industry by advancing legislation to protect consumers and create a framework that fosters innovation. At the same time, the surge in consumer interest and institutional investment in 2021 is driving rapid growth in cryptocurrency adoption in Latin America. More than $780 billion in payments are remitted to Brazil each year, making it a prime market for both Ripple and its customers to benefit from the capabilities of cryptocurrencies. Enable cheaper and faster cross-border payments.
Travelex Bank aims to simplify access to international currencies for its customers through a number of services including money transfers and international payments, ATMs, multi-currency prepaid cards and more.
“Travelex Bank is a 100% digital and 100% personal bank. We are the first forex-only bank authorized and regulated by the Central Bank of Brazil. , and employ technology to provide the best solutions for the most diverse sectors,” said Ana Tena, CEO of Travelex Bank Brazil.
The company sought to provide a better customer experience for its partners with limited capital to cover the cost of pre-financing that was hampering its growth. Travelex uses ODL to provide 24/7 near-instantaneous access to payments and liquidity to enable business growth and expansion. At launch, Travelex will support payments between Mexico and Brazil, with plans to support more corridors and use cases in the future, including internal finance and high volume Small and Medium Enterprise (SME) payments.
João Manuel Campanelli, Chief Business Development Officer, Travelex Group, said: “Travelex has always been a visionary company, embracing the benefits of cryptocurrencies and leveraging their power for real-world use cases to dramatically change the way money is moved and managed in comparison to traditional financial institutions. I am happy to lead the charge.”
Travelex joins Ripple customers and partners in the region who have benefited from RippleNet, including Banco Rendimento, Remessa Online, Frente Corretora, Banco Topazio and B&T Câmbio. Ripple opened his local office in Brazil in 2019 and plans to continue expanding its team in the region across policy, business development and engineering.
Ripple is the first enterprise company to leverage cryptocurrencies to tackle the multi-trillion dollar challenge of cross-border payments. RippleNet leverages blockchain technology to help partners across its global network accelerate business performance and scale. We provide a superior end-customer experience, simplified network partnerships, liquidity management solutions, lines of credit and state-of-the-art infrastructure to enable real-time payments.
Travelex is the world’s largest forex business specialist with operations in over 20 countries. In Brazil, the Group consists of the brokerages Travelex Confidence and Travelex Bank. Travelex Bank is the first dedicated foreign exchange trading bank regulated by the Central Bank of Brazil (Bacen). Some of the operations banks perform include international remittances, imports, exports, crypto exchange transactions, registration services, banknotes, and lump sum payments. For more information, please visit the Travelex Brazil website www.travelexbank.com.br.
Ripple is a crypto solutions company transforming how the world moves, manages and tokenizes value. Ripple’s business solutions are faster, more transparent, more cost-effective, and solve the inefficiencies that have long defined the status quo. We also work with partners and a large developer community to identify use cases where cryptography can inspire new business models and bring opportunities to more people. All our solutions enable a more sustainable global economy and planet. Leveraging carbon-neutral blockchain technology and the green digital asset XRP, we are increasing access to an inclusive and scalable financial system. This is how we fulfill our mission to build cryptographic solutions for a world without economic borders.