Ripple, Latin America’s largest cryptocurrency exchange, will use an end-to-end payment solution powered by blockchain technology to power cross-border payments in Brazil, according to an October 3 statement. Partnered with Mercado Bitcoin.
Mercado Bitcoin becomes the first Brazilian customer to adopt Ripple’s payment system to streamline financial operations between Brazil and Portugal. However, Ripple has made it clear that this service will not be available to general customers.
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The first stage will focus on institutional trading between Mercado Bitcoin and Portuguese Bitcoin. In the future, Ripple plans to extend its solution to corporate and retail users as well, allowing transactions in Brazilian reals.
Silvio Pegado, Ripple’s managing director for Latin America, said Ripple Payments offers features that will benefit crypto businesses. This includes improving operations, optimizing liquidity, and increasing profit margins through real-time payments.
Jordan Abdo, Head of Banking at Mercado Bitcoin, emphasized that the partnership will simplify international money transfers and support the exchange’s goal of expanding its services globally. Abdo added:
“The potential to facilitate this type of operation, offer lower costs and further complete the platform demonstrates our commitment to our customers while expanding the product portfolio we currently offer.”
Ripple Payments boasts near-global coverage, reaching over 80 payment markets and covering over 90% of the daily foreign exchange market. The company, which processes more than $50 billion in value, holds approximately 55 regulatory licenses and registrations worldwide.
Brazil’s growing importance
Ripple said Brazil has become an important and growing player in the cryptocurrency market due to its progressive attitude towards regulation and widespread adoption among the local population. Notably, Chainalysis recently ranked Brazil among the top 10 countries in its 2024 Global Adoption Index.
Ripple’s 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 after the US Securities and Exchange Commission (SEC) filed a notice of appeal against a favorable court ruling in a case against Ripple. Ripple CEO Brad Garlinghouse called the regulator’s move “misguided and frustrating.”
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