Ripple will soon expand its cross-border payment services in Brazil

Brazil could be the next area for cryptocurrency firm Ripple to be reached by a cross-border payment corridor, which could lead to its use in other Latin American countries.

In an interview posted on the Future of Finance YouTube channel on June 8, Ripple global banking chief Marjan Delatin said the crypto startup was working to develop a cross-border payment system for Brazil.

When explaining Ripple’s On-Demand Liquidity (ODL) to moderator Dominic Hobson, Delatin said the company plans to expand its services to “exotic corridors,” citing countries like the Philippines and Brazil as markets “where you don’t have to hold liquidity.” and you really want to move funds when you need to. “

Three Brazilian companies – Santander, Bradesco and Banco Rendimento – currently use Ripple’s financial services network, RippleNet, for payments. However, Delatin explained how ODL can be used with the tokenXRP as a bridge between two fiat currencies for cross-border transactions.

The ODL network is growing. It was recently reported that Ripple’s ODL payment network tripled the volume of transactions in the first quarter of 2020, while the value of the dollar transferred through ODL increased by more than 294%.

Plans for Brazil

Delatin’s announcement follows reports that on May 30, the president of Brazil’s central bank held a video conference with CEO Brad Garlinghouse and three other Ripple representatives.

Ripple plans to expand to Brazil and possibly other Latin American countries at least from June 2019, when the company opened an office in Sao Paulo.