Mercado Bitcoin partners with Ripple to enable faster, cheaper cross-border payments, starting between Brazil and Portugal.
The new Ripple-powered service will initially target institutional clients, launching by the end of 2024.
Mercado Bitcoin plans to expand its cross-border payment services to retail and corporate customers in the future.
Mercado Bitcoin, one of Latin America's largest cryptocurrency exchanges, has partnered with Ripple to improve cross-border payments. The collaboration aims to enable faster, cheaper, and more efficient international transfers for businesses, starting with payments between Brazil and Portugal. Ripple's managed end-to-end payments solution will streamline these transactions, allowing businesses to settle payments within minutes.
https://twitter.com/Ripple/status/1841836137062547589
Notably, Ripple and Mercado Bitcoin expect to launch the new service by the end of 2024. Initially, the platform will focus on institutional clients, with future plans to extend services to retail and corporate customers. This partnership signals a significant step toward enhancing financial connectivity between Latin American countries and Europe.
Improved Treasury Operations Between Brazil and Portugal
Intriguingly, Mercado Bitcoin will use Rippleâs solution to boost its internal treasury operations, particularly for transactions between Brazil and Portugal. This is expected to enhance the efficiency of transfers, allowing for direct payment in the Brazilian real.Â
Consequently, the partnership aims to reduce costs and improve the user experience, providing customers with more options for managing their cross-border transactions.
Additionally, Rippleâs technology will enable 24/7 payment processing, which is expected to offer a competitive advantage in the growing crypto market. With this feature, the exchange seeks to deliver a more streamlined experience for customers and improve overall operational efficiency.
Expanding Cross-Border Payment Capabilities
Besides enhancing internal operations, Mercado Bitcoin plans to support cross-border payments for a broader range of customers in the future. This move aligns with the exchange's ongoing efforts to internationalize its services and expand its global reach. The integration with Ripple will also allow the exchange to offer more robust payment options to clients, both institutional and retail.
Notably, Mercado Bitcoin is no stranger to partnerships with major financial players. In 2024, the exchange teamed up with Mastercard to provide live transaction capabilities in Latin America and Europe. It also partnered with Mastercard in 2023 to develop a Web3-focused crypto identity system, which further demonstrates its commitment to innovation in the financial sector.
A Step Towards Global Crypto Integration
Hence, Rippleâs collaboration with Mercado Bitcoin represents a pivotal moment in the development of crypto-enabled international payments. The integration of Ripple's payment solution highlights the potential for faster and more cost-effective transactions across borders. This move is expected to enhance Mercado Bitcoinâs competitiveness in the rapidly evolving crypto landscape.
Moreover, as Ripple and Mercado Bitcoin move toward a full rollout, they are positioning themselves as key players in the global expansion of crypto-based financial services. This collaboration marks another milestone in the growing adoption of blockchain technology for cross-border payments, and it may set the stage for further developments in international finance.
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