Cryptocurrency firm Ripple and Latin American bank Travelex have announced a new partnership On August 18th, we will use Ripple’s On-Demand Liquidity (ODL) solution to spread instant cross-border cryptocurrency payments in Brazil.
Ripple’s ODL enables instant cross-border remittances at a fraction of the settlement cost. Also, ODL does not require pre-funded capital in the destination market. The deal makes Travelex the first Latin American bank to leverage Ripple’s ODL solution.
Brad Garlinghouse, CEO of Ripple, said the company’s goal is to deliver real value and utility from day one. He said:
“Brazil is an important market for Ripple given its importance as an anchor for business in Latin America, its openness to cryptocurrencies, and its nationwide initiatives to foster fintech innovation. […] We are happy to work with innovative partners like Travelex Bank to move money more efficiently for the benefit of our customers across Brazil. ”
Travelex Bank is the region’s first foreign exchange bank to operate entirely digitally. The bank said it has been looking for ways to improve the customer experience for its users. Many of our users have limited funds to spend on payment costs, and with his ODL on Ripple, Travelex will be able to offer his 24/7 instant international remittances at very low cost. increase.
This feature will support payments between Brazil and Mexico at launch and will gradually expand to cover more regions in the future.
payment in the cryptosphere
Crypto payments have been a hot topic for crypto companies and the community since early 2022.
Reflecting community adoption of payments, a survey conducted in April 2022 revealed that 40% of young people (ages 18-35) would like to use crypto as a payment method. rice field.
In response to demand, prominent crypto companies have formed partnerships and are taking steps to offer crypto payments to their customers.
Mark Zuckerberg’s Meta revealed its investment in cryptocurrency payments in May when it filed a trademark filing named “MetaPay.” In June, Binance and Triple-A announced a partnership to co-create a global crypto payment gateway.
Giants in the traditional financial sector have also taken steps to enable crypto payments. Paypal released a beta version of its cryptocurrency payment solution in June. Mastercard has partnered with Brazilian e-commerce platform to enable crypto payments on the front end of merchants. Stripe has added Bitcoin payment options to its service again. Banking Circle has launched a new feature that enables USDC payments.
