Ripple Announces RippleNet’s On-Demand Liquidity (ODL) in Brazil with Travelex Bank, XRP’s Volume Dips 28%
- According to Ripple, over $780 billion in payments are sent to Brazil annually.
- The company announced that Travelex will support payments between Mexico and Brazil to start with before expanding to other corridors.
- Travelex will be joining other ODL customers in the region including Banco Rendimento, Remessa Online, Frente Corretora, Banco Topazio, and B&T Câmbio.
Ripple Inc. has announced the launch of RippleNet’s On-Demand Liquidity (ODL) in Brazil with Travelex Bank, the first bank registered and approved by the Central Bank of Brazil to operate exclusively in foreign exchange. The company is putting more effort to grow outside more global markets as it continues to battle with the United States SEC over an ongoing XRP lawsuit.
The blockchain technology company has announced dozens of partnerships around the world with reputable financial institutions. However, Ripple’s focus on the South American market has been noticeable over the years. Moreover, billions of dollars flow between the North and South American corridor in the form of remittances.
“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,” said Brad Garlinghouse, CEO of Ripple.
Despite the ODL endorsement by a major FX player, XRP volume has recorded a sharp decline in the past 24 hours. According to our data, XRP’s volume is around $951 million, down over 28 percent in the past 24 hours.
Ripple and the ODL Market Outlook
Ripple has been battling the SEC for almost two years, thereby dragging the XRP price down over time. Before the onset of the lawsuit, XRP was ranked third by market capitalization. However, the asset has since been overtaken by other projects and currently ranks at position six, according to our data.
The asset is exchanging hands for around $0.3781, having dropped over 65 percent in the past year. Worth noting, that the asset has a market capitalization of $18,632,211,216.
Ripple is keen to expand its ODL customer base as the level of competition in digital assets and remittances spikes. According to Ripple, over $780 billion in payments are sent to Brazil annually. Thereby making the partnership with Travelex strategic in all ways.
“Travelex Bank is a 100% digital and 100% personal bank. We were the first exclusive foreign exchange bank approved and regulated by the Central Bank of Brazil. Focused on e-Fx transactions, we embrace tech to offer the best solutions to individuals and companies of all sizes and for the most diverse sectors,” said Ana Tena, CEO of Travelex Bank Brazil.
The company announced that Travelex will support payments between Mexico and Brazil to start with before expanding to other corridors.
Travelex will be joining other ODL customers in the region including Banco Rendimento, Remessa Online, Frente Corretora, Banco Topazio, and B&T Câmbio.
Notably, Ripple has been operating in Brazil through an office that was opened back in 2019.