Ripple introduces on-demand cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. service in Brazil. It is partnering with digital digital technologies are these electronic tools that have the ability to generate, store or even process data. bank Travelex to introduce the product, which will likely enable transactions between Brazil and Mexico.
- Ripple launches on-demand crypto liquidity service in Brazil
- Partners with Travelex digital bank
- The service is supposed to allow transactions between Brazil and Mexico.
The payment protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain.Ripple has unveiled its on-demand crypto liquidity service (ODL) in Brazil in partnership with Travelex Bank.
The ODL ofRipple uses the native currency, XRP, to speed up the transfer and exchange of fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currencies between countries, the report says.
Travelex is the first bank in Latin America to use ODL, saidRipple, and added that the bank was also the first to be registered and approved by the Central Bank of Brazil to operate in foreign currency.
“Brazil is a key market an area or arena, online or offline, in which commercial dealings are conducted. for Ripple given its importance as an anchor for business in Latin America, its openness to cryptocurrencies and national initiatives promoting fintech innovation.” Ripple CEO Brad Garlinghouse said in a statement.
For now, Travelex will use ODL for payments between Brazil and Mexico, he told the media CoinDesk the director of operations of Travelex Bank, João Manuel Campanelli, adding that the company is working to extend this service to the United States and Asia.
Other Brazilian companies such as Banco Rendimento, Remessa Online, Frente Corretora, Banco Topazio y B&T Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. already use RippleNet a cross-border payment system, saidRipple.
Ripple y Brasil
It is worth noting that this is not the first foray ofRipple in Brazil. In 2020, Ripple, represented by its CEO Brad Garlinghouse, and the Central Bank of Brazil, with the presence of their highest authorities, met in a videoconference for the purposes of “address institutional issues” of whom little was known.
Earlier in 2019, the company announced the expansion of its services to Brazil as part of its planned incursion into South American territory.
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