Ripple Labs Inc on Thursday announced that it has launched On-Demand Liquidity (ODL) services in Brazil. Despite being strangled in the lawsuit against SEC, the blockchain firm is making an impact globally. However, the question remains the same how this update can impact XRP’s price?
Ripple partners with Travelex
As per the release, Ripple landed in the partnership with Travelex Bank as mentioned it is the first bank in Latin America to use ODL. It added that Travelex is also the first bank to get registration and approval by the Central Bank of Brazil to operate in foreign exchange.
It mentioned that it will be using the XRP token as Ripple’s ODL solution. This will allow users to send money over the borders.
XRP price has surged by over 1.60% since Ripple made the announcement. XRP is trading at an average price of $0.378, at the press time. Meanwhile, it is still trading down by 90% from its all time high (ATH). However, the XRP price showed some recovery over the past 60 days. It has jumped by more than 20%.
Firm aims to provide 24×7 solution
The release highlighted that Brazil adopted a proactive approach to regulating digital assets through advanced legislation. This has helped to create a framework for both consumers and fosters innovations.
The quick decisions supported crypto adoption in the Latin American market. As per the data, over $780 billion in payments are sent to Brazil annually. This creates a big opportunity for Ripple and its customers to grab benefit from the capabilities of crypto.
It further added that Ripple was looking to present a better user experience for its partners. Travelex will deliver will delivering instant settlement and access to liquidity 24×7 by the use of ODL. However, Ripple’s partner will support payments between Brazil and Mexico. It will also plan to support more corridors and increase use cases.
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