Ripple partners with Mercado Bitcoin to boost cross-border payments in Brazil
Ripple has partnered with Mercado Bitcoin, the largest crypto exchange in Latin America, to enhance cross-border payments in Brazil using its end-to-end payments solution that leverages blockchain technology, per an Oct. 3 statement.
Mercado Bitcoin will be the first client in Brazil to adopt Ripples payment system to streamline treasury operations between Brazil and Portugal. However, Ripple clarified that the service will not be available to general customers.
Unavailable to customers for now
The initial phase will focus on institutional transactions between Mercado Bitcoin and its Portuguese counterpart. In the future, Ripple plans to extend its solution to corporate and retail users while allowing transactions in Brazilian Reais.
Silvio Pegado, Ripples Managing Director for Latin America, noted that Ripple Payments offers features that benefit crypto businesses. These include improved operations, optimized liquidity, and enhanced margins through real-time settlement.
Jordan Abud, Head of Banking at Mercado Bitcoin, emphasized that the partnership will simplify international transfers and support the exchanges goal of expanding its services globally. Abud added:
The possibility of facilitating this type of operation, offering lower costs and making the platform even more complete shows our commitment to customers, while expanding the portfolio of products we offer today.
Ripple Payments boasts near-global coverage, reaching over 80 payout markets and covering more than 90% of daily FX markets. With over $50 billion in processed volume, the company holds roughly 55 regulatory licenses and registrations worldwide.
Brazils growing importance
Ripple said Brazil has become an important and growing player in the crypto market due to its progressive stance toward regulation and broad adoption among locals. Notably, Chainalysis recently ranked Brazil among the top 10 countries in its Global Adoption Index for 2024.
Ripples presence in Brazil dates back to 2019, and in 2022, the company launched its first crypto-based payment solution with Travelex Bank.
Meanwhile, the expansion in Latin America comes as the US Securities and Exchange Commission (SEC) filed a notice to appeal the court ruling favoring Ripple in its case against the firm. Ripple CEO Brad Garlinghouse described the regulators move as misguided and infuriating.
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Text source: CryptoSlate
