Ripple Teams Up With Travelex – Launch Of Enterprise Crypto Payment Service in Brazil

Ripple is making headlines again following the latest move. Check out what the company managed to achieve these days and what places it in the headlines all over again.

Cointelegraph notes that the rollout of Ripple’s fast and cheap On-Demand Liquidity payment service means that enterprises will no longer have to wait three to five days to settle costly cross-border transactions.

Ripple’s XRP token is set to be used in order to trigger fast and cost-effective cross-border transactions in Brazil, after the launch of RippleNet’s On-Demand Liquidity (ODL) with forex company Travelex.

Ripple revealed on Aug. 18 that foreign exchange company Travelex would utilize RippleNet’s ODL to facilitate cross-border payments between enterprises by utilizing Ripple’s XRP token.

It also said that Travelex Bank is the first bank approved by Brazil’s central bank to operate exclusively in foreign exchange.

“Travelex will firstly enable these cross-border payments between Brazil and Mexico, with plans to open up more payment avenues in the region and with more use cases suited to enterprise needs.”

Bom dia! Brazil is open for Ripple’s On-Demand Liquidity with Travelex—our first LATAM bank 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

— Ripple (@Ripple) August 18, 2022

The same online publication mentioned above notes that this news comes as the Brazilian government approved their first “Bitcoin law” in Apr. 2022, which set out to create a regulatory framework for crypto.

Over a week ago, we revealed that the San Francisco payments firm Ripple is reportedly interested in buying assets from bankrupt crypto lending platform Celsius.

According to a report from Reuters, a spokesperson for Ripple said that the company was looking to see if there was any synergy between it and Celsius’ assets.

The spokesperson did not say whether Ripple wanted to acquire Celsius outright.

“We are interested in learning about Celsius and its assets, and whether any could be relevant to our business…”