US-based Ripple , a provider of enterprise blockchain and cryptocurrency solutions, has announced the launch of RippleNet’s On-Demand Liquidity (ODL) in Brazil in partnership with Travelex Bank . Travelex is registered and approved by the Central Bank of Brazil to operate exclusively in foreign exchange and utilises ODL.

By using XRP, a digital asset created for payments, Ripple’s ODL solution allows customers to send money across borders in a fast manner with comparatively low-cost settlement and without the need to hold pre-funded capital in the destination market. As the company says, 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. Therefore Ripple is focused on building solutions that deliver utility and the reason why they collaborate with Travelex Bank to help move money more efficiently for the benefit of its customers across Brazil.

Brazil has taken a proactive approach to regulating the cryptocurrency industry by advancing legislation to create a framework that both protects consumers and fosters innovation. Simultaneously, crypto adoption in Latin America is growing quickly as consumer interest and institutional investment surged in 2021, as Ripple observes. The country’s approach on crypto has brought a diversity of entrants into the market.

These include Mercado Libre, who entered the Brazilian crypto market in August 2022 and Santander, the Spain-based bank that did the same earlier in July. The scope of the deal Travelex Bank aims to simplify customers’ access to international money through several services including remittance and international payments, ATMs, multicurrency prepaid cards and more. The bank is a 100% digital and 100% personal bank, as they mention.

Focused on e-Fx transactions, they embrace tech to offer banking solutions to individuals and companies in diverse sectors. The company was looking to deliver a better customer experience to their partners, who have limited capital to cover the costs of pre-funding, which was hindering their growth. Using ODL, Travelex will now deliver comparably faster settlement and access to liquidity 24/7/365, helping partners them to better grow and scale their business.

At launch, Travelex will support payments between Mexico and Brazil, with plans to support more corridors and use cases, including internal treasury and bulk small and medium-sized enterprises (SME) payments. Ripple’s adventures around the world This was an eventful summer for the company, as it helped Colombia to put land titles on the blockchain to rectify unfair land distribution that has led to armed conflicts. The project was built by Ripple in partnership with blockchain development company Peersyst Technology.

The aim is to permanently store and authenticate property titles on Ripple’s Ledge, its public blockchain. This will help eliminate bureaucracy and hopefully make land distribution more equal. The company also helped FOMO Pay, a Singapore-based payments provider, to improve its cross-border treasury flows using Ripple’s crypto-enabled enterprise technology.

The On-Demand Liquidity (ODL) utilised for this uses XRP, the digital asset built for payments as a bridge between two fiat currencies. .