Ripple Labs, a leading blockchain payments firm, has launched its enhanced end-to-end payments solution in Brazil. This marks the organization’s first entry into the Latin American market with Ripple Payments, partnering with Mercado Bitcoin, the region’s largest crypto exchange.
About Ripple and Mercado Bitcoin Partnership
Mercado Bitcoin will be the first business in Brazil to implement this blockchain-based solution, aimed at offering faster, cheaper, and more efficient cross-border payments. Moreover, Ripple Payments allows businesses to move funds globally around the clock, with transactions settled in minutes. This reduces delays and streamlines the process of international transfers.
One unique feature of this partnership is the use of a non-resident account, which allows users to pay directly in Brazilian Reais. According to Jordan Abud, Head of Banking at Mercado Bitcoin, this development will “facilitate international transactions at a lower cost, enhancing the platform and expanding the product portfolio for customers.”
Mercado Bitcoin plans to use the blockchain firm’s technology initially for its internal treasury operations between Brazil and Portugal. In the future, it aims to extend the service to both corporate and retail customers, enabling them to benefit from more efficient cross-border payments.
“This partnership with Ripple brings us one step closer to internationalizing our services,” Abud added, according to the latest announcement. For further context, Ripple has been expanding its presence in Brazil since opening a local office in 2019.
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It initially entered the market in 2022 through a partnership with Travelex Bank, launching a crypto-enabled payments solution. Brazil’s position as a leader in the cryptocurrency space, with a growing institutional and developer ecosystem, made it an ideal market for the blockchain company to introduce its enhanced solution.
Advantages of the Latest Collaboration
Silvio Pegado, Managing Director of LATAM at Ripple, emphasized the advantages its payments service offers to crypto businesses. “Ripple Payments offers unique capabilities that streamline operations, optimize liquidity, and improve margins through real-time settlement,” Pegado said.
He also expressed excitement over the partnership with Mercado Bitcoin, highlighting its role as a pioneer in the Brazilian crypto market. Ripple Payments provides several benefits for businesses in Brazil, including over a decade of experience in secure and compliant digital asset infrastructure. The solution offers seamless integration, enabling businesses to access global financial networks with minimal friction.
Through one connection, businesses can access over 80 payout markets worldwide, streamlining cross-border payments. It also provides 24/7 liquidity across multiple currencies, ensuring that transactions can be processed efficiently, regardless of the destination or time zone.
Currently, payments services will serve institutional customers, with initial operations limited to Mercado Bitcoin and and its Portuguese subsidiary. However, the product is not yet available to retail users, but future plans include extending the service to a broader audience.
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