Travelex and Ripple Launching Cross-Border Payment Service in Brazil

19.08.2022 09:53 (Updated 19.08.2022 09:08)
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by Nina Petrov
1 min read

After the announcement that Brazil is preparing a central bank digital currency, we now have more news about increasing crypto adoption in the Latin American country.

The forex company, Travelex, will be using the on-demand liquidity (ODL) service in Brazil, launched by Ripple, the digital payment platform. The goal is to facilitate international crypto payments between enterprises. For this purpose, Ripple’s XRP tokens will be used.

At first, cross-border payments between Brazil and Mexico will be supported, but more countries will be added soon.

According to Ripple’s representative, Travelex Bank is the first bank that has received approval from Brazil’s central bank to operate exclusively in international transactions. In addition, this is the first time that a Latin American central bank has utilized ODL.

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

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