San Francisco-based crypto firm Ripple is planning to expand into Brazil. A recent interview with the Head of Global Banking at Ripple, Marjan Delatinne, suggests that the company’s international payments corridor network could be making a debut in Brazil.
What does the Ripple plan?
Delatinne appeared on the Future of Finance YouTube channel recently and highlighted the company’s interest in establishing itself more firmly in the Brazilian market. Discussing the On-Demand Liquidity (ODL) from Ripple, Delatinne said that they are looking to expand their services into “exotic corridors” like Brazil and the Philippines,
“where you don’t necessarily want to keep liquidity and you want to really move funds when you need it.”
Ripple is already being used in Brazil by prominent firms like Santander, Banco Redimento, and Bradesco. They are using RippleNet, a blockchain-based financial services network that helps them make and receive payments. Delatinne also believes that ODL could also be used in conjunction with XRP as a bridge currency between cross-border transactions including fiat currencies. However, it is not necessary.
Ripple is making strides in different areas
Ripple’s ODL services are becoming popular among clients. The transaction volume of the ODL payments network increased 3x in the first quarter of 2020. The USD value of transactions also increased by 300%. Ripple CEO Brad Garlinghouse tweeted previously,
“Once regulators understand you’re not circumventing regulatory frameworks, they get very comfortable very quickly.”
Garlinghouse also attended a video conference alongside three other representatives of the firm with Roberto Campos Neto, the president of the Brazilian central bank. The meeting was also revealed on the official website of the bank.
Garlinghouse said previously that he is meeting with some regulators, meeting a lot of senior officials in the banks, and explaining to them how cryptocurrency could be used. He emphasized that crypto is not always about circumventing regulations.