KEY FACT: Ripple has partnered with Mercado Bitcoin, one of the largest crypto exchanges in Latin America, to introduce crypto-enabled cross-border payments in Brazil. The initiative aims to provide businesses a more efficient, faster, and cost-effective way to conduct international transactions using Ripple's managed end-to-end payment solution. Initially targeting institutional clients, the system will support future cross-border payments for corporate and retail users. As a follow-up to its previous collaboration with Mastercard, this partnership will enhance Mercado Bitcoin's service portfolio. The full rollout is expected by the end of 2024.

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Image Source: Ripple, Mercado Bitcoin

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Ripple Partners with Mercado Bitcoin to Launch Crypto Payments in Brazil

Ripple, a technology and cryptocurrency firm has partnered with Mercado Bitcoin to launch crypto-powered payments in Brazil towards advancing crypto adoption in Latin America. This collaboration integrates Ripple's technology into Brazil’s financial ecosystem to enable faster and more cost-effective cross-border payments. Mercado Bitcoin, Brazil’s largest crypto exchange, will initially offer the improved service in partnership with Ripple to institutional clients and will expand to retail users soon. Ripple announced this development through a blog post and on X platform.

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.
Source

Brazil is one of Latin America's fastest-growing markets for digital payments. Ripple is apt at recognizing the potential, and has long sought to solidify its presence in the region. This is in alignment with Brazil's Central Bank’s focus on financial inclusion. Collaborating with Mercado Bitcoin is a fitting strategy that gives Ripple a stronger foothold in a region with immense potential for blockchain-based payments.

Before now, Ripple's payment infrastructure was known for reducing friction in cross-border transactions and is expected to bring scalability and flexibility to businesses seeking alternatives to traditional banking processes in Brazil. The company has built its reputation on minimizing settlement times and costs, essential in regions with underdeveloped banking infrastructure. Mercado Bitcoin has a substantial user base which gives Ripple a direct entry into the Brazilian market. This partnership can potentially catalyze wider adoption of blockchain for everyday payments in Brazil.

Mercado Bitcoin has been actively working on diversifying its offerings, having already made headlines with its collaboration with Mastercard to offer crypto-backed debit cards. Launching this crypto-enabled payment system with Ripple strengthens the position of Mercado Bitcoin as a key player in Brazil’s fintech sector. The introduction of cross-border payments aligns with Mercado Bitcoin's vision of expanding beyond crypto trading into a full-service financial platform.

"Ripple Payments offers unique capabilities that are important to crypto businesses enabling them to streamline operations, optimize liquidity, and ultimately improve margins through real-time payment settlement,” said Silvio Pegado, Managing Director of LATAM at Ripple. “We’re thrilled to partner with Mercado Bitcoin, a market leader in crypto with more than a decade of experience bringing tokenized services to Brazil.”

Speaking on the development, Jordan Abud, Head of Banking at Mercado Bitcoin states that the collaboration prioritizes their customers with an offering of low-cost and fast cross-border transactions.

"The idea is to provide a simplified transfer through the expertise of Ripple, our international partner specializing in cross-border payments,"... " At the same time, this partnership enables Mercado Bitcoin to take another step towards internationalizing its services. The possibility of facilitating this type of operation, offering lower costs and making the platform even more complete shows our commitment to customers, while expanding the portfolio of products we offer today.”

The collaboration between Ripple and Mercado Bitcoin sets a precedent for future crypto-enabled financial services in Brazil and the broader Latin American market. With the expected full launch by the end of 2024, this initiative could reshape how cross-border payments are processed, particularly for institutional players. This strategic partnership shows how blockchain can streamline international transactions.

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