Key takeaways
- Ripple and Mercado Bitcoin’s new system targets initial transactions between Brazil and Portugal.
- This partnership marks Ripple’s continued expansion in Latin America.
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The ripple has in partnership with Mercado Bitcoin, one of the largest crypto exchanges in Latin America, to launch a new crypto cross-border payment solution in Brazil.
This partnership will enable businesses to make faster, cheaper and more efficient cross-border payments using Ripple’s end-to-end managed solution.
Mercado Bitcoin, which has 4 million users and is a major player in the region, will initially use Ripple’s solution to improve its internal treasury operations between Brazil and Portugal. The company plans to expand this service to businesses and individuals in the future.
“This partnership allows Mercado Bitcoin to take the next step towards the internationalization of its services,” said Jordan Abud, Head of Banking Services at Mercado Bitcoin.
Ripple’s solution will initially target institutional clients, with the first cross-border transactions being facilitated between Brazil and Portugal. This is a key milestone in Ripple’s expansion in Latin America, building on its previous collaboration with Travelex Bank in 2022.
Through the use of a non-resident account functionality, the new payment system allows users to pay directly in Brazilian reais, improving the customer experience by simplifying foreign exchange and streamlining transactions.
Mercado Bitcoin’s partnership with Ripple builds on its history of working with major payment companies such as Mastercard. Earlier in 2024, Mercado Bitcoin partnered with Mastercard to provide live transaction capabilities between Latin America and Europe. The exchange is also working with Mastercard on a Web3-focused crypto identity system. spear in 2023.
Despite its ongoing battle With the SEC, Ripple continues to build global partnerships, confident in its product and mission to enable seamless cross-border payments.
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