Ripple, Travelex to Set Up an Enterprise Crypto Payments System in Brazil
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While other Latin American enterprises like Banco Topazio, Banco Rendimento, Frente Corretora, and Remessa Online have previously used RippleInternet services, clearance by the Central Bank of Brazil signifies the first time a Latin American financial firm has used ODL.
Travelex will first facilitate cross-border transactions between Brazil and Mexico, with the intention of opening up other payment channels in the area and new use cases tailored to the needs of companies in the future.
A Key Market For Ripple - Brazil
The implementation of a crypto-friendly legal environment in Brazil, as well as rising interest in cryptocurrency solutions, according to Ripple CEO Brad Garlinghouse, makes the nation a fantastic match for the ODL:
"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. 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."
Garlinghouse also said the adoption of the ODL service by Travelex will make cross-border transactions far more efficient, with over $780 billion in payments coming into Brazil yearly:
"From day one, we have focused on building solutions that deliver real utility, and we are excited to collaborate with an innovative partner like Travelex Bank to help move money more efficiently for the benefit of its customers across Brazil."