Ripple is collaborating with digital bank Travelex to launch the offering, which will first support transfers between Brazil and Mexico.
Ripple announced Thursday that it has launched its crypto on-demand liquidity (ODL) service in Brazil in collaboration with Travelex Bank.
Ripple's ODL makes use of XRP to speed up the transfer and exchange of fiat money between countries.
Travelex is the first bank in Latin America to use ODL, according to Ripple, and it was also the first to be recognised and approved by the Brazilian Central Bank to conduct foreign exchange transactions.
“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,” CEO Ripple, Brad Garlinghouse, said in a statement.
Travelex will use ODL for payments between Brazil and Mexico for the time being, according to Travelex Bank COO Joo Manuel Campanelli, who added that the company is trying to expand the service to the United States and Asia.
RippleNet, a cross-border payments system, is already used by Banco Rendimento, Remessa Online, Frente Corretora, Banco Topazio, and B&T Câmbio, according to Ripple, which launched an office in Brazil in 2019.
By fLEXI tEAM