Ripple has officially launched Ripple Payments in Brazil, partnering with Mercado Bitcoin, the largest cryptocurrency exchange in Latin America, to streamline cross-border payments.
Ripple, founded in 2012, is a provider of digital asset infrastructure focused on improving financial transactions globally. Through its use of blockchain technology and the XRP Ledger, Ripple enables faster, more efficient cross-border payments for financial institutions. The company’s solutions help streamline financial operations, reduce costs, and improve liquidity management for a wide range of industries. Ripple operates in multiple markets and has earned regulatory compliance in several jurisdictions, making it a trusted partner for integrating blockchain technology into traditional finance.
Mercado Bitcoin is Latin America’s largest digital asset investment platform, serving over 4 million customers since its launch in 2013. The company operates as a marketplace for cryptocurrencies and other tokenized assets, positioning itself as a key player in the region’s blockchain ecosystem. Known for its commitment to financial transparency and integrity, Mercado Bitcoin has been consistently audited since 2018. As Brazil’s first crypto unicorn, the exchange is recognized for driving innovation and adoption of blockchain-based financial products in the region.
According to Ripple’s press release issued on 3 October 2024, this innovative, blockchain-powered solution allows businesses to leverage the infrastructure for fast, cost-effective, and secure transactions. With this, customers can move funds globally 24/7 and settle payments within minutes, reducing time and friction significantly.
Ripple says it has chosen Brazil due to the country’s leadership in the cryptocurrency market and its progressive approach to policy adoption. Mercado Bitcoin is Ripple’s first customer in Brazil, with the company using Ripple Payments to improve internal treasury operations between Brazil and Portugal and planning to expand into broader international payment services for corporate and retail customers. One standout feature of Ripple Payments is the ability for users to make payments directly in Reais via non-resident accounts, enhancing the customer experience.
Ripple Payments offers numerous benefits for businesses in Brazil, including secure infrastructure, streamlined onboarding, and seamless access to over 80 payout markets worldwide through a single integration. This allows businesses to expand their global reach while offering on-demand liquidity across multiple currencies, ensuring transactions are processed efficiently.
Silvio Pegado, Managing Director of LATAM at Ripple, expressed excitement about partnering with Mercado Bitcoin, emphasizing how Ripple Payments enables crypto businesses to streamline operations and optimize liquidity. Meanwhile, Mercado Bitcoin’s Head of Banking, Jordan Abud, highlighted the partnership’s role in facilitating cost-effective international transactions and advancing the platform’s service portfolio.
Ripple’s payment system continues to grow, with coverage across more than 90% of daily FX markets and processing over $50 billion in transaction volume.
Featured Image via Pixabay
