Ripple’s Global Banking Director: Ripple’s On-Demand Liquidity may soon be available in Brazil
There has long been speculation that Ripple could expand into Brazil with On-Demand Liquidity (ODL) payment solution. Currently, Ripple’s partner banks in Brazil use only RippleNet. However, as Marjan Delatinne, head of global banking at Ripple, revealed a few days ago in an interview with “Future of Finance“ on YouTube, this could soon change.
Marjan Delatinne, Ripple’s Global Banking Director
According to Marjan Delatinne, the cryptocurrency company is working to develop a cross-border payment system for Brazil.
Marjan Delatinne said that Brazil could be the next area for cryptocurrency company Ripple to reach the cross-border payment corridor, which could lead to its use in other Latin American countries.
Ripple has planned to expand into Brazil and possibly other countries in Latin America since at least June 2019, when the company launched its office in Sao Paulo.
Three Brazilian companies – Santander, Bradesco and Banco Rendimento – are currently using the Ripple RippleNet blockchain-based financial services network for payment. However, Delatinne explains how ODL can be used with the XRP token as a bridge between two fiat currencies for cross-border transactions.
Ripple’s ODL payment network tripled in terms of transaction volume in Q1 2020, while USD value traded in ODL increased by over 294%.
When explaining Ripple’s on-demand liquidity (ODL) for Dominic Hobson’s operator, Delatinne said the company is planning to expand its service to “exotic corridors“, naming countries like The Philippines and Brazil are markets where you don’t necessarily want to keep your liquidity and you want to really transfer money when you need it.
Brazilian central bank president held a video meeting with CEO Brad Garlinghouse and three other Ripple representatives on May 30. According to the report, there was a non-public online meeting where Ripple executives spoke to the president of the Brazilian central bank to discuss digitization in the bank. Perhaps the meeting is about clarifying legal and logistical issues.
At the end of last year, Luiz Antonio Sacco, head of Brazilian Ripple, announced that the country could be the springboard for Latin American Ripple expansion and ODL’s XRP-based payment solution. At the time, Sacco noted that, apart from Brazil, Ripple is also looking to expand into other South American countries like Chile, Peru, and Argentina.
Read more:
- Ripple CTO David Schwartz: Ripple’s ODL Product Can Work “With No XRP Infrastructure At All”
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