Ripple, a blockchain and cryptocurrency solutions provider, has partnered with Travelex Bank to launch the On-Demand Liquidity solution in Brazil. With this solution, customers can send money across borders instantly with XRP, a digital asset, according to a press release.
Customers do not need to hold pre-funded capital in the destination market to send these funds. Travelex also plans to provide other tools such as remittance, ATMs and multicurrency prepaid cards to help international payments, according to the release.
“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,” Brad Garlinghouse, Ripple CEO, said in the release. “From day one, we’ve focused on building solutions that deliver real utility and we are excited to collaborate with an innovative partner like Travelex Bank to help move money more efficiently for the benefit of its customers across Brazil.”