Highlights:
- Ripple partners with Mercado Bitcoin to launch crypto-enabled cross-border payments in Brazil, enhancing transaction speed and efficiency.
- Businesses can now make faster, cheaper international payments using Ripple’s end-to-end blockchain solution through Mercado Bitcoin.
- The partnership marks Ripple’s expansion in Latin America, leveraging Mercado Bitcoin’s 4 million users for global payment accessibility.
Ripple partners with Mercado Bitcoin to launch crypto-enabled cross-border payments in Brazil. According to the statement, the collaboration aims to offer businesses faster, cheaper, and more efficient international transactions using Ripple’s blockchain technology.
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The partnership allows Mercado Bitcoin, one of Latin America’s largest cryptocurrency exchanges with 4 million users, to utilize Ripple’s managed end-to-end payments solution. Businesses in Brazil can now settle payments across the globe in minutes, enhancing liquidity and reducing transaction costs.
Ripple's end-to-end payments solution is now live in Brazil!
Learn how our new partnership with @MercadoBitcoin will streamline treasury operations between Brazil & Portugal, boosting cross-border payment efficiency via Ripple’s managed payments solution.https://t.co/wQqHRkd9wf— Ripple (@Ripple) October 3, 2024
Boosting Cross-Border Transactions
With Ripple’s solution, companies can move funds worldwide 24/7, 365 days a year. This initiative streamlines internal treasury operations between Brazil and Portugal for Mercado Bitcoin. The exchange plans to extend support for international payments to corporate and retail customers in the future.
The use of non-resident accounts enables users to pay directly in Brazilian Reais. This feature improves the customer experience by simplifying currency exchanges and reducing friction in cross-border transactions.
Ripple’s Expansion in Latin America
Ripple has been expanding its footprint in Brazil since it opened its office there in 2019. The company introduced its on-demand liquidity (ODL) service to the country in August 2022 through a partnership with Travelex Bank. This new collaboration marks the launch of Ripple Payments in the Brazilian market.
Silvio Pegado, Managing Director of LATAM at Ripple, said:
“Ripple Payments offers unique capabilities that are important to crypto businesses. We are thrilled to partner with Mercado Bitcoin, a market leader in crypto with more than a decade of experience bringing tokenized services to Brazil.”
Enhancing Business Operations
The managed end-to-end payment solution provides several benefits. It offers trust and security, leveraging Ripple’s ten years of experience in building financial solutions and adhering to strict regulatory standards.
Additionally, businesses gain seamless access to over 80 payout markets worldwide through a single integration with Ripple. Businesses can also access on-demand liquidity across multiple currencies anytime, ensuring efficient and timely transactions regardless of destination or time zone.
Jordan Abud, Head of Banking at Mercado Bitcoin, said:
“Ripple’s expertise in cross-border payments allows us to simplify transfers. This partnership enables Mercado Bitcoin to take another step towards internationalizing its services.”
Furthermore, the solution streamlines onboarding, allowing businesses to integrate quickly with minimal friction. This accelerates their time-to-market and enables rapid access to global financial networks. With Ripple as the sole counterparty, companies can optimize liquidity and improve margins through real-time payment settlement.
While the product is not yet available to customers, the initial operations will be institutional, exclusively between Mercado Bitcoin and its subsidiary in Portugal. The exchange plans to expand the service to support international payments for its corporate and retail customers in the future.
By leveraging blockchain technology, the partnership aims to reduce time and friction in moving value across borders. The collaboration reflects Ripple’s commitment to providing efficient payment solutions and Mercado Bitcoin’s dedication to expanding its portfolio of services.
The partnership comes as Ripple continues to expand its services. This is despite the ongoing battle with SEC. In September, Ripple Labs CEO Brad Garlinghouse announced that the company’s U.S. dollar-pegged stablecoin was close to issuance. The stablecoin is called Ripple USD (RLUSD). The collaboration with Mercado Bitcoin demonstrates Ripple’s commitment to growing its presence in Latin America.
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