SAN FRANCISCO & SAO PAULO–(BUSINESS WIRE)-Ripple, the leading provider of Enterprise Blockchain and Cryptocurrency Solutions, today announced the launch of Ripplenet’s On-Demand Liquidity (ODL) in Brazil with Travelex Bank, The first bank in Latin America to use ODL. Travelex is the first bank registered and approved by the Central Bank of Brazil that operates exclusively in foreign currency.
Using XRP, a digital asset ideal for payments, Ripple’s ODL solution allows customers to send money across borders instantly with very affordable settlement and without the need to hold pre-funded capital in the destination market.
“Brazil is a key market for Ripple given its importance as an anchor for business in Latin America, its openness to crypto and nationwide initiatives that promote fintech innovation. As a result, the market is experiencing an explosion of activity as institutions look to adopt crypto – and blockchain technology to solve customer pain points, says Brad Garlinghouse, CEO of Ripple. “From day one, we’ve focused on building solutions that deliver real tools, and we’re excited to work with an innovative partner like Travelex Bank to to help you move money more efficiently for the benefit of its clients 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 promotes innovation. At the same time, crypto adoption in Latin America is growing rapidly as consumer interest and institutional investment increased in 2021. More than $780 billion in payments are sent to Brazil annually, making it a suitable market for both Ripple and its customers to benefit of the possibilities of cryptocurrency To enable cheaper and faster payments across national borders.
Travelex Bank aims to simplify customers’ access to international money through a range of services including transfer and international payments, ATMs, multi-rate prepaid cards and more.
“Travelex Bank is a 100% digital and 100% personal bank. We were the first exclusive foreign exchange bank to be 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, says Ana Tena, CEO of Travelex Bank Brasil.
The company was looking to deliver a better customer experience to its partners, who have limited capital to cover the costs of pre-funding, which hindered growth. Through the use of ODL, Travelex will deliver near-instant settlement and access to liquidity 24/7/365, so that they can 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 enterprise (SME) payments, in the future.
“We see this partnership as a strategic opportunity that will bring the benefit of crypto to many in the region in a safe and compliant way,” said João Manuel Campanelli, Head of Business Development at Travelex Group. “Travelex has always been a forward-thinking company, and we’re excited to lead the charge for traditional financial institutions to embrace the benefits of crypto and harness its power for real-world use cases that can dramatically change the way we move and manage money.”
Travelex joins the ranks of Ripple customers and partners in the region including Banco Rendimento, Remessa Online, Frente Corretora, Banco Topazio and B & T Câmbio who are experiencing the benefits of Ripplenet. Ripple opened its local office in Brazil in 2019 and plans to continue growing its team in the region across policy, business development and engineering.
Ripple was the first enterprise company to leverage crypto to tackle the multi-trillion dollar challenges of cross-border payments. Ripplenet leverages blockchain technology to help partners across a global network accelerate business performance and scale. It delivers a superior end customer experience, simplified network partner, liquidity management solutions, lines of credit and advanced infrastructure to enable real-time payments.
About Travelex
Travelex is the world’s largest exchange company specialist, with a presence in more than 20 countries. In Brazil, the group consists of brokerage Travelex Confidence and Travelex Bank, the first exclusive Bank for foreign exchange transactions regulated by Banco Central do Brasil (Bacen). Among the operations carried out by the bank, there are international transfers, imports, exports, crypto exchange transactions, registration services, banknotes, bulk payments, among many others. For more information, visit the Travelex Brasil website www.travexbank.com.br
About Ripple
Ripple is a Crypto Solutions company that is transforming how the world moves, governs and tokenizes value. Ripple’s business solutions are faster, more transparent and more cost-effective – solving inefficiencies that have long defined the status quo. And together with partners and the larger developer community, we identify use cases where crypto technology will inspire new business models and create opportunities for more people. With each solution, we realize a more sustainable global economy and planet – increasing access to inclusive and scalable economic systems while leveraging carbon-neutral blockchain technology and a green digital asset, XRP. This is how we deliver on our mission to build crypto solutions for a world without financial borders.
