Ripple to Expand On-Demand Liquidity to Brazil ‘Very Soon’
Brazil could be the next area for crypto firm Ripple to reach with a cross-border payments corridor, which could lead to its use in other Latin American nations.
In an interview posted to the ‘Future of Finance’ YouTube channel on June 8, Ripple Head of Global Banking Marjan Delatinne said the crypto firm was working on the development of a cross-border payment system for Brazil.
When explaining Ripple’s On-Demand Liquidity (ODL) to moderator Dominic Hobson, Delatinne said the firm was planning to extend its services to “exotic corridors”, naming countries like the Philippines and Brazil as markets “where you don’t necessarily want to keep liquidity and you want to really move funds when you need it.”
Three Brazilian firms — Santander, Bradesco, and Banco Rendimento — currently use Ripple’s blockchain-based financial services network RippleNet for payments. However, Delatinne explained how ODL could be utilized with the XRP token as a bridge between two fiat currencies for cross-border transactions.
The ODL network is rising in usage. Cointelegraph reported Ripple’s ODL payments network tripled in transaction volume over Q1 2020, while the USD value transacted using ODL increased by more than 294%.
Planning for Brazil
Delatinne’s announcement follows reports that the president of Brazil’s central bank held a video conference with CEO Brad Garlinghouse and three other Ripple representatives on May 30.
Ripple has been planning to expand into Brazil and possibly other countries in Latin America since at least June 2019, when the company launched an office in Sao Paulo.
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