Ripple is launching the product with the help of the digital bank Travelex. At first, transactions can be made between Brazil and Mexico.
Ripple announced Thursday that it and Travelex Bank had launched their “crypto on-demand liquidity” (ODL) service in Brazil.
The ODL from the digital payment company speeds up the transfer and exchange of fiat currencies between countries by using XRP.
Ripple said that Travelex was the first bank in Latin America to use ODL. He also said that Travelex was the first bank to be registered with the Brazilian Central Bank and get permission to do business in foreign exchange.
“Brazil is a key market for the company because of its importance as a hub for business in Latin America, its openness to crypto, and country-wide initiatives that promote fintech innovation,” Ripple CEO Brad Garlinghouse said in a statement.
Travelex will use ODL for payments between Brazil and Mexico for now, Travelex Bank Chief Operating Officer Joo Manuel Campanelli told CoinDesk. He also said that the company is working on expanding this service to the United States and Asia.
The crypto giant, which opened an office in Brazil in 2019, said that other Brazilian companies already use RippleNet, a cross-border payment system. These companies include Banco Rendimento, Remessa Online, Frente Corretora, Banco Topazio, and B&T Cambio.
