Ripple joined Mercado Bitcoin, Latin America’s largest cryptocurrency exchange, and launched Ripple Payments in Brazil. This will further improve treasury operations between Brazil and Portugal and greatly streamline cross-border payments. Ripple revealed this strategic partnership to its community through an X post.
Ripple Enhances Cross-Border Transactions
Ripple Payments is now live, and Mercado Bitcoin is the first customer in Brazil to take advantage of this managed solution. Ripple provides infrastructure for businesses, allowing them to use blockchain technology to achieve faster and cheaper cross-border transactions. The system ensures that fund transfers can occur anywhere worldwide and enables fast settlements.
The partnership is set to optimize Mercado Bitcoin’s internal treasury functions, especially in managing payments between Brazil and Portugal. The introduction of a non-resident account allows customers to pay directly in Reais. This change aims to enhance the customer experience and streamline international payments for both corporate and retail clients in the future.
Brazil’s vibrant cryptocurrency market, characterized by a regulatory approach and increasing institutional adoption, positions it as a perfect location for Ripple Payments. Ripple set foot in Brazil’s local market in 2019 and recently released its first software tool for managing cryptocurrency payments in cooperation with Travelex Bank in 2022.
Key Benefits for the Brazilian Crypto Community
Ripple Payments provides various advantages for Brazilian businesses. Its extensive experience of over 10 years in developing solutions for financial institutions ensures trust and security. The platform allows quick onboarding, enabling businesses to integrate with minimal friction and accelerate their market entry. Additionally, through a single integration with Ripple, the only counterparty, companies can access over 80 payout markets worldwide, simplifying cross-border transactions.
Ripple Payments is 24/7 liquidity. Businesses can tap into on-demand liquidity across various currencies anytime, ensuring timely transactions regardless of destination or time zone. According to Silvio Pegado, Managing Director of LATAM at Ripple, this solution helps crypto businesses streamline their operations and enhance liquidity, ultimately benefiting their bottom line. This deal between Mercado Bitcoin and Ripple marks a leap in cross-border payments for Brazil. The two will look to offer an increasingly efficient customer-centric payment experience powered by Ripple’s digital asset infrastructure.
Source: https://blockchainreporter.net/ripple-partners-with-mercado-bitcoin-to-enhance-cross-border-payments-in-brazil/