Ripple inks major partnership with Brazilian bank to launch new ODL corridor
Ripple, a leading provider of enterprise crypto and blockchain solutions, announced the launch of a new On-Demand Liquidity corridor with Brazil’s Travelex Bank. The bank, approved and licensed by the Central Bank of Brazil, will be the first such institution in Latin America to use RippleNet technology.
Bom dia! Brazil is open for Ripple’s On-Demand Liquidity with Travelex—our first LATAM bank partner—and the first bank approved by the Central Bank of Brazil to operate exclusively in FX. We’re excited to bring crypto-native solutions to 🇧🇷https://t.co/G6U8nh9jIY
— Ripple (@Ripple) August 18, 2022
With ODL technology, Travelex Bank will be able to deliver and settle liquidity at any time of day in a very short period of time which, according to bank officials, should help it scale up and increase business efficiency. Travelex Bank plans to execute transactions via ODL between Brazil and Mexico directly from launch, which is not surprising given that Ripple’s other major ODL user is Mexico-based crypto exchange Bitso.
Ripple’s net keeps spreading
At the same time, for Ripple, this deal is another anchor that keeps the company’s position in an important region for it. Given Brazilian authorities’ favorable attitude toward cryptocurrencies and blockchain, as well as the huge volume of funds flowing into the country, Travelex Bank, which is part of one of the world’s largest exchange conglomerates, perfectly complements the number of Ripple partners which, since the opening of the Brazilian office in 2019, are not few.
It is surprising that despite Ripple’s ongoing litigation with the SEC, the company is announcing its second important partnership in a week. Thus, just two days ago U.Today reported on the company’s participation in the project to optimize payments between Thailand and Japan; Ripple has announced no less important project at the other end of the world. Moreover, in both cases, the company’s business partners are extremely large institutions, such as SBI, Siam Commercial Bank and Travelex.