Ripple is expanding its digital payments service in Brazil, partnering with Mercado Bitcoin to offer faster, cheaper cross-border transactions. This move positions Ripple Payments as a key player in the region’s crypto landscape, helping businesses move funds 24/7. With plans to streamline treasury operations between Brazil and Portugal, the service also aims to benefit corporate and retail users through advanced blockchain technology.
Ripple Payments Launches in Brazil
Digital asset infrastructure provider Ripple announced on Thursday the launch of its Ripple Payments solution in Brazil. Mercado Bitcoin, the largest cryptocurrency exchange in Latin America, will be the first to use the service in the country, enabling cross-border payments through blockchain technology for faster, cheaper, and more efficient transactions.
The announcement details:
Mercado Bitcoin will use the solution to improve its internal treasury operations between Brazil and Portugal, with plans to support international payments for its corporate and retail customers in the future.
Additionally, a key feature is the use of a non-resident account, which allows users to make payments directly in reais, enhancing the user experience. Ripple Payments provides multiple benefits to Brazilian businesses, including streamlined onboarding, on-demand liquidity, and access to over 80 payout markets worldwide.
“Customers can move funds across the globe 24/7, 365, and settle payments in a matter of minutes – reducing time and friction to make moving value dramatically more efficient,” the announcement notes.
According to Silvio Pegado, Ripple’s LATAM Managing Director, the partnership with Mercado Bitcoin will help simplify cross-border transactions and optimize liquidity. The first institutional operation will occur between Mercado Bitcoin and its Portuguese branch before expanding to additional markets. Ripple stated that it has processed over $50 billion in transactions globally.
“Brazil’s leadership in the cryptocurrency market, progressive approach to policy and growing institutional and developer adoption made it a natural next market to launch Ripple Payments, for the benefit of businesses in Brazil,” Ripple detailed, clarifying:
The product is not yet available to customers, and the first operation will be institutional, exclusively from Mercado Bitcoin to Mercado Bitcoin Portugal.
Source: Bitcoin
