Travelex and Ripple Launching Cross-Border Payment Service in Brazil

After the announcement that Brazil is preparing a central bank digital currency, we now have more news about increasing crypto adoption in the Latin American country.

The forex company, Travelex, will be using the on-demand liquidity (ODL) service in Brazil, launched by Ripple, the digital payment platform. The goal is to facilitate international crypto payments between enterprises. For this purpose, Ripple’s XRP tokens will be used.

At first, cross-border payments between Brazil and Mexico will be supported, but more countries will be added soon.

According to Ripple’s representative, Travelex Bank is the first bank that has received approval from Brazil’s central bank to operate exclusively in international transactions. In addition, this is the first time that a Latin American central bank has utilized ODL.