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Ripple joins hand with Brazilian bank Travelex to launch ODL payment service in Latin America

Ripple, one of the leading blockchain and web-3 solution providers, announced on august 17, the brand-new launch of ODL (On-Demand Liquidity) in collaboration with Brazil’s Travelex bank.

Travelex bank is the first Braziliant bank in Latin America to use RippleNet’s ODL technology. In addition to that, Travelex is also the first bank to get the license from the Brazil central bank to exclusively operate in foreign exchanges.

Ripple’s new payment solution, ODL, enables users to send funds instantly across borders. As per the bank official, the new ODL technology allows Travelex bank to settle and transfer the liquidity in a short span of time during any part of the day. This will support it in scaling up the business and boosting business efficiency.

Moreover, the bank is planning to transfer the funds through ODL between Mexico and Brazil directly from launch. This comes out to be no surprise as most of the Ripple ODL users are from Mexico such as Bitso crypto exchange.

The deal between both parties supports the ripple in keeping its position intact in the market. Seeing the openness towards the crypto industry and blockchain, Brazilian authorities perfectly complement the ripple partners.

Ripple CEO Brad Garlinghouse said, Brazil is a vital market for Ripple given its significance as an anchor to business in Latin America, its favorable attitude to the crypto and country-wide initiative that promote fintech development. Accordingly, the market is encountering a ton of action as institutions accept crypto and blockchain innovation to address client problems.

Further, Brad said that since the very beginning, we’ve focused on creating solutions that convey real utility and we are eager to team up with an innovative partner like Travelex Bank to assist with transferring cash to help its clients across Brazil.

CEO of Travelex Bank Brazil. Ana Tena said, “Travelex Bank is a 100% personal bank and also 100% digital. We were the primary foreign exchange bank regulated and approved by the Brazil Central Bank. focused on e-Fx exchanges, we embrace tech to offer the quality solution to people and organizations of all sizes and for the most diverse sectors.”

Despite the ongoing case with the SEC, Ripple successfully established its second deal within a week. Just two days ago, Ripple participated in a project to optimize the payment between Japan and Thailand, as reported by other media.

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