- Ripple Payments promises to speed up cross-border transactions.
- The cooperation aims to provide real-time liquidity benefits to business and retail consumers.
Ripple, a global pioneer in digital asset infrastructure, has launched its Ripple Payments service in Brazil through a strategic partnership with Mercado Bitcoin, Latin America’s leading cryptocurrency exchange. The alliance aims to improve cross-border payments between Brazil and Portugal by leveraging blockchain technology. This will make transactions faster, cheaper, and more efficient. This launch establishes Ripple as a major player in Brazil’s expanding cryptocurrency sector.
Ripple Payments, previously called RippleNet, is revolutionizing cross-border transactions. It provides financial institutions with a faster, more cost-effective solution for international money transfers. The system leverages Ripple’s blockchain infrastructure and the XRP Ledger for liquidity and settlement. However, customers are not required to hold or use cryptocurrency directly.
Mercado Bitcoin to Lead the First Institutional Transactions
The new service aims to enhance treasury operations between Mercado Bitcoin and its Portuguese office. There are also plans to expand the offering globally for both corporate and retail users. The solution enables payments in genuine straight from a non-resident account, enhancing the user experience. Businesses in Brazil will benefit from on-demand liquidity and faster onboarding. This will give them access to over 80 payout markets worldwide.
Jordan Abud, head of banking at Mercado Bitcoin, highlighted the benefits of the collaboration. “The idea is to provide a simplified transfer through the expertise of Ripple, our international partner specializing in cross-border payments,” Abud told me. This agreement allows Mercado Bitcoin to provide rapid liquidity in a variety of currencies, marking a significant step toward the internationalization of its services.
Silvio Pegado, Ripple’s LATAM Managing Director, highlighted the partnership’s significance in simplifying cross-border transactions and increasing liquidity. “Brazil’s leadership in the crypto market and progressive policies make it a natural next step for Ripple Payments,” Pegado told the press. Although the service is presently only available for institutional usage, Ripple has already processed over $50 billion internationally, and this launch represents a substantial expansion into Latin America.
This latest collaboration highlights Ripple’s dedication to advancing cross-border payments. Brazilian businesses can now move funds globally 24/7 and settle transactions within minutes. The partnership also reduces friction, making the payment process smoother and more efficient.
