Ripple and Mercado Bitcoin Launch Cross-Border Payments in Brazil

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Ripple has teamed up with Mercado Bitcoin, one of the largest cryptocurrency exchanges in Latin America, to introduce a new crypto-powered cross-border payment solution in Brazil.

This collaboration will empower businesses to conduct faster, more cost-effective, and more efficient international payments using Ripple’s comprehensive end-to-end solution.

Mercado Bitcoin, boasting a user base of 4 million and prominence in the area, will initially implement Ripple’s solution to enhance its internal treasury management between Brazil and Portugal, with plans to eventually offer the service to corporate and retail clients.

“This partnership allows Mercado Bitcoin to take a significant step toward internationalizing its offerings,” stated Jordan Abud, Head of Banking at Mercado Bitcoin.

Ripple’s technology will initially cater to institutional clients, facilitating cross-border transactions between Brazil and Portugal. This marks a strategic advance in Ripple’s growth within Latin America, following its earlier partnership with Travelex Bank in 2022.

Leveraging a non-resident account feature, the new payment system simplifies user transactions by enabling payments directly in Brazilian Reais, thereby enhancing customer experience through streamlined currency exchange processes.

Mercado Bitcoin’s alliance with Ripple reflects its history of partnerships with leading payment entities like Mastercard. Earlier in 2024, Mercado Bitcoin collaborated with Mastercard to enhance live transaction capabilities between Latin America and Europe. The exchange is also engaged with Mastercard on a Web3-focused identity solution for cryptocurrency launched in 2023.

Despite its ongoing litigation with the SEC, Ripple remains committed to building global partnerships, bolstered by confidence in its offerings and the mission to facilitate seamless cross-border transactions.