Ripple is reportedly planning for an On-Demand Liquidity expansion into the Brazilian market, which will unlock other Latin America-based regions for the firm.
Specifically, Marjan Delatinne – Ripple Head of Global Banking – reportedly disclosed that Ripple is putting in resources to release its next initiative – a cross-border payments system located in Brazil.
During his explanation of Ripple’s On-Demand Liquidity (ODL) in an interview, Delatinne has reportedly disclosed Ripple’s next move to for an expansion covering “exotic corridors”, mentioning nations such as Brazil and Philippines as markets “where you don’t necessarily want to keep liquidity and you want to really move funds when you need it.”
Three local companies – Santander, Bradesco, and Banco Rendimento – are reportedly employing Ripple’s blockchain-based financial services network RippleNet to facilitate its payments.
Nonetheless, Delatinne reportedly showed how ODL could be used together with the XRP token to bridge the gap between two fiat currencies for cross-border transactions.
The ODL network is reportedly experiencing a surge in usage, with Ripple’s ODL payments network increased three-fold, in terms of transaction volume throughout the first quarter of 2020, while the USD value transacted using ODL reportedly rose more than 294%.