Ripple partners with Travelex to launch enterprise crypto payment service in Brazil

The rollout of Ripple's fast and cheap on-demand liquidity payment service means businesses will no longer have to wait three to five days to settle cross-border transactions.

Ripple's XRP token is set to be used to facilitate fast and profitable cross-border transactions in Brazil, following the launch of RippleNet's On-Demand Liquidity (ODL) with forex firm Travelex.

Digital payment network Ripple announced on Thursday that exchange firm Travelex will use RippleNet's ODL to facilitate cross-border business-to-business payments using XRP. He also noted that Travelex Bank is the first bank authorized by Brazil's central bank to operate exclusively in foreign currencies.

Bom dia! Brazil is open to on-demand liquidity from Ripple with Travelex – our first LATAM banking partner – and the first bank approved by the Central Bank of Brazil to operate exclusively in FX. We're excited to bring crypto-native solutions to https://t.co/G6U8nh9jIY

While other Latin American companies such as Banco Rendimento, Remessa Online, Frente Corretora and Banco Topazio have already used RippleNet services, the approval of the Central Bank of Brazil makes it the first time that a bank Latin American uses ODL, Ripple said.

Travelex will enable these cross-border payments between Brazil and Mexico first, with plans to open more payment lanes in the region and with more use cases tailored to business needs.

The news comes as the Brazilian government approved its first “Bitcoin Law” in April 2022, which aimed to create a regulatory framework for how cryptocurrencies would be regulated.

Brazil is also deploying a