Ripple confirms implementation of its ODL system in Brazil very soon

 

Brazil could be the next area where the Ripple crypto-company arrives with a cross-border payment corridor, which could lead to its expansion to other Latin American nations.

In an interview posted on the „Future of Finance“ YouTube channel on June 8, Ripple’s Global Banking Director Marjan Delatinne said the company was working on developing a cross-border payment system for Brazil.

Ripple and Central Bank of Brazil hold closed meeting to discuss „institutional issues

Explaining Ripple’s On-Demand Liquidity (ODL) system to moderator Dominic Hobson, Delatinne said the company was planning to expand its services to „exotic brokers,“ naming countries such as the Philippines and Brazil as markets „where you don’t necessarily want to keep 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 blockchain network, RippleNet, for payments. However, Delatinne explained how ODL could be used with the XRP token as a bridge between two fiduciary currencies for cross-border transactions.

Ripple’s XRP sales drop to $1.75 million as ODL network volume triples
The ODL network is being used more and more. Cointelegraph reported that Ripple’s ODL payments network tripled its transaction volume in the first quarter of 2020, while the USD value of ODL transactions increased by more than 294%.

Projects in 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 to Brazil and possibly other Latin American countries since at least June 2019, when the company opened an office in Sao Paulo.