Ripple, the US-based blockchain tech, has hinted at its move to launch cross-border payments powered by XRP in one of the largest South American countries, Brazil.
This was said by the global head of banking at Ripple, Marjan Delatinne, during the Future of Finance panel on 10th June 2020.
In the course of the conversation, Delatinne discussed various digital payment products belonging to Ripple, as well as XRP-powered On-Demand Liquidity (ODL).
He said despite challenges, the San Francisco based fintech is determined to extend its ODL payment services to more corridors.
“We extend these services now to more and more corridors, typically exotic corridors with lots of challenges, like [the] Philippines [and] very soon within Brazil.” Marjan Delatinne said.
Delatinne also stated that the company believes that the outbreak of the new coronavirus is so far aiding the realization of the digitized economy.
Asheesh Birla said:
“Ripple is on track to open new ODL corridors this year and we’re onboarding new customers and working with existing customers to ramp up ODL volume in important corridors including USD-MXN, USD-PHP, AUD-USD and PHP, and from EUR-USD.”
On-Demand Liquidity (ODL) Has Been Successful So Far
On-Demand Liquidity (ODL) has so far been successful and still striving in a number of avenues of the institutional remittance industry, such as US-Mexico
At the moment, no one can ascertain other corridors targeted by Ripple aside from the most populous country in South America, Brazil.
However, the payment tech made it known sometimes in February 2020 that it’s aiming to add new corridors in Europe, Asia-Pacific, Africa, Latin America, and the Middle East.