Ripple teams up with Mercado Bitcoin to launch faster, cheaper cross-border transactions in Brazil. The service aims to streamline treasury operations between Brazil and Portugal using blockchain technology.
Bollywoodfever: Ripple, the digital asset infrastructure provider, has expanded its digital payment services to Brazil, partnering with Mercado Bitcoin, the largest cryptocurrency exchange in Latin America. This collaboration is set to revolutionize cross-border transactions by offering faster, cheaper, and more efficient payments through blockchain technology.
Ripple Payments, now available in Brazil, will initially enhance Mercado Bitcoin’s internal treasury operations between Brazil and Portugal. The service also has future plans to support international payments for corporate and retail customers, leveraging blockchain for 24/7 transactions with near-instant settlement times.
One key feature of Ripple’s service is its use of a non-resident account, allowing users to directly make payments in reais, Brazil’s official currency. Ripple’s solution brings multiple benefits to Brazilian businesses, including simplified onboarding, on-demand liquidity, and access to over 80 payout markets worldwide.
Silvio Pegado, Ripple’s LATAM Managing Director, emphasized that the partnership will improve cross-border payment efficiency and liquidity. Initially, the service will be used exclusively by Mercado Bitcoin for institutional operations between its Brazilian and Portuguese branches, with plans to expand to other markets.
Ripple has processed over $50 billion in transactions globally, positioning itself as a key player in the cryptocurrency landscape, particularly in Brazil, where the regulatory environment and institutional adoption are favorable for blockchain-based solutions.
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