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Ripple Launches Cryptocurrency-Enabled Corporate Payments in Brazil with Travelex Bank

SAN FRANCISCO & SAO PAULO – (Business Wire) –Rippl, the leading provider of enterprise blockchain and cryptocurrency solutions announced the launch of ‘RippleNet’s On-Demand Liquidity (ODL)’ in Brazil with Travelex Bank, the first bank in Latin America to use ODL. Travelex is the first bank registered and approved by the Central Bank of Brazil to work exclusively with foreign currency.

when used XRPAn ideal digital asset for payments, Ripple’s ODL solution allows customers to send money across borders instantly and with a very low set-up cost. It also reduces the need to maintain pre-financing capital in the target market.

“Brazil is a key market for Ripple given its importance as a spearhead for business in Latin America, as well as its openness to cryptocurrencies and nationwide initiatives promoting fintech innovation. As a result, the market is experiencing an explosion of initiatives and institutions trying to adopt cryptocurrency and blockchain technology to solve customer needs,” said Brad Garlinghouse, CEO of Ripple. “From day one, we’ve been focused on creating solutions that deliver real utility and we’re excited to collaborate with an innovative partner like Travelex Bank to help move money more efficiently for the benefit of their customers across Brazil.”

Brazil has taken a proactive approach to regulating the cryptocurrency industry by promoting legislation that allows for a framework that protects consumers and encourages innovation. At the same time, cryptocurrency adoption in Latin America is growing rapidly as consumer interest and institutional investment increase from 2021. More than $780 billion in payments are sent to Brazil each year, making it a timely market for Ripple and its customers. , which will take advantage of the cryptocurrency’s qualities to enable cheaper and faster cross-border payments.

Travelex Bank aims to simplify customers’ access to international money through a suite of services including international remittances and payments, as well as ATMs, multi-currency prepaid cards and more.

“Travelex Bank is a 100% digital and 100% personal bank. We were the first exclusive foreign exchange bank approved and regulated by the Central Bank of Brazil. Focused on e-Fx transactions, we take technology to offer the best solutions to consumers and companies of all sizes and for the most diverse sectors”, said Ana Tena, CEO of Travelex Bank Brasil.

The company seeks to offer a better customer experience to its partners, who have limited capital to cover pre-financing costs, which has hampered their growth. By using ODL, Travelex will offer almost instant settlement and 24/365 access to liquidity, allowing them to grow and expand their business. At launch, Travelex will support payments between Mexico and Brazil, with plans to support more corridors and use cases, including internal treasury, as well as small and medium-sized business (SME) bulk payments in the future.

“We see this partnership as a strategic opportunity that will bring the benefit of encryption to many in the region in a safe and compatible way,” said João Manuel Campanelli, Director of Business Development at Travelex Group. “Travelex has always been a forward-thinking company and we are excited to reduce the burden on traditional financial institutions that are embracing the benefits of crypto and harness its power for real-world use cases on they can make a big difference in the way we move and manage the. money.”

Travelex joins the ranks of Ripple clients and partners in the region, including Banco Rendimento, Remessa Online, Frente Corretora, Banco Topazio and B&T Câmbio, who benefit from the benefits of RippleNet. Ripple opened its local office in Brazil in 2019 and has plans to expand its team in the region through politics, business development and innovation.

Ripple was the first company to leverage cryptocurrencies to tackle the multi-billion dollar challenges of cross-border payments. RippleNet leverages blockchain technology to help global network partners accelerate the performance and scalability of their business. It offers a better end-customer experience, simplified network association, liquidity management solutions, lines of credit, and state-of-the-art infrastructure to enable real-time payments.

About Travelex

Travelex is the world’s largest foreign exchange specialist, with a presence in more than 20 countries. In Brazil, the Group consists of brokerage Travelex Confidence and Banco Travelex, the first exclusive bank for foreign exchange operations regulated by the Central Bank of Brazil (Bacen). Among the operations carried out by the bank, there are international remittances, imports, exports, crypto exchange transactions, registration services, bank notes, mass payments, among many others. For more information, visit the Travelex Brazil website www.travelexbank.com.br

About Ripple

Ripple is a crypto solutions company changing the way the world moves, manages and signals value. Ripple’s business solutions are faster, more transparent and more cost-effective, solving the inefficiencies that have long defined the status quo. And together with partners and the wider developer community, we identify use cases where crypto technology will inspire new business models and create opportunities for more people. With each solution, we are making a more sustainable global economy and planet, increasing access to inclusive and scalable financial systems, leveraging carbon neutral blockchain technology and a green digital asset, XRP. This is how we fulfill our mission to build crypto solutions for a world without economic borders.

contacts

Megan Katz

comms@ripple.com

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