Ripple May Expand International Payments Network to Brazil

The international crypto and payments giant could be making moves toward South America.

Cryptocurrency firm Ripple could be expanding its international payments corridor network to Brazil, according to an interview with Ripple Head of Global Banking Marjan Delatinne published on the ‘Future of Finance’ YouTube channel on June 8th. CoinTelegraph reported that Ripple further establishing itself in Brazil could lead to its use in other Latin American nations.”

During a discussion on Ripple’s On-Demand Liquidity (ODL) services, Delatinne said the firm was planning to extend its services to “exotic corridors”; Delatinne then named Philippines and Brazil specifically as markets “where you don’t necessarily want to keep liquidity and you want to really move funds when you need it.”

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Ripple is already in active usage by three Brazilian firms: Bradesco, Banco Redimento, and Santander, which use RippleNet (Ripple’s blockchain-based financial services network) to send and receive payments. However, Delatinne believes that ODL could be utilized in tandem with the XRP token as a “bridge” between fiat currencies in cross-border transactions.

And the ODL service seems to be rising in popular–CoinTelegraph previously reported that transaction volume on Ripple’s ODL payments network “tripled” throughout Q1 2020; at the same time, the USD value transacted using ODL increased by nearly 300%.

“Once regulators understand you’re not circumventing regulatory frameworks, they get very comfortable very quickly.”

Ripple has also reportedly been making other movements toward establishing itself in Brazil. According to an announcement posted by the central bank of Brazil on its own website, Roberto Campos Neto–the president of the central bank–had a video conference with Ripple CEO Brad Garlinghouse and three other representatives of the crypto firm.

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Brad Garlinghouse has previously explained that Ripple’s emphasis on compliance has been a key part of Ripple’s growth: in a February interview with CNN, Garlinghouse said that “once regulators understand you’re not circumventing regulatory frameworks, they get very comfortable very quickly.”

“A lot of what I am doing […] is meeting with regulators, meeting with very senior people at banks and explaining to them how crypto can be used–specifically XRP–can be used to solve a real problem, not to circumvent regulation,” he said.

“[…] Once people understand that, they very quickly become disarmed–[‘crypto’] is no longer a bad word.”

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