Ripple to Expand its On-Demand Solution to Brazil
Main page News, Brazil, XRP

Fintech startup Ripple intends to launch its On-Demand Liquidity (ODL) solution in Brazil.

According to an interview with Marjan Delatinne, director of global banking at Ripple, which was published on YouTube, the company is developing a cross-border payment system for Brazil.

The company is apparently working to expand its ODL service to "exotic corridors" such as the Philippines and Brazil because these are markets "where you don’t necessarily want to keep liquidity and you want to really move funds when you need it," which is what Ripple's solution offers.

It must be noted three companies operating in the country, Santander, Bradesco and Banco Rendimento, currently use the blockchain network RippleNet for payments. However, the use of Ripple's ODL solution, which makes use of the XRP token, could act as a bridge between two fiat currencies for cross-border transactions.

Ripple's ODL solution is constantly gaining popularity. Thus, the volume of ODL transactions tripled in the first quarter of 2020, while the value of these transactions in dollars has jumped by 294%.

The launch of ODL in Brazil could drive the adoption of this solution in other Latin American countries.

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