Brazil might be next area for cryptocurrency firm Ripple to succeed in with a cross-border payments corridor, which could also lead to its use in other Latin American nations.
Within an interview posted to the ‘Future of Finance’ YouTube channel earlier on 8th June, Ripple Head of international Banking Marjan Delatinne added that the crypto firm was working on the formation of a cross-border payment system for Brazil.
When elaborating Ripple’s ODL [On-Demand Liquidity] to moderator Dominic Hobson, Delatinne added that the firm was planning to expand its services to “exotic corridors”, naming countries along with the Philippines and Brazil as markets “where you don’t necessarily want to stay liquidity and you would like to actually move funds once you need it.”
Three Brazilian firms – Santander, Bradesco, and Banco Rendimento — presently employ Ripple’s blockchain-based financial services network RippleNet for the payments purposes. However, Delatinne explained how ODL might be utilized with the XRP token as a bridge between two fiat currencies for cross-border based transactions.
The ODL network is rising in usage. As reported earlier, Ripple’s ODL payments network has merely tripled in transaction volume over Q1 2020, while the USD value transacted using ODL has increased by around 294%.
Brazil is Next
Earlier on 30th May, Delatinne’s announcement follows reports that the president of Brazil’s central bank held a video conference with the CEO Brad Garlinghouse and three other Ripple representatives.
Ripple is getting ready to expand its services into Brazil and possibly other countries in Latin America since from the month of June 2019, when they launched an office in Sao Paulo.