- Ripple has launched its payment solution in Brazil, with Latin America’s Mercado Bitcoin becoming the country’s first customer.
- This payment solution is reported to offer incredible security and trust, single integration, and global access.
Ripple (XRP) has made a groundbreaking expansion in Brazil with the launch of its end-to-end payment solution. According to the press release, leading Latin America’s exchange, Mercado Bitcoin, would be the first customer within the region to utilize the payment.
Commenting on this, Silvio Pegado, Managing Director of LATAM at Ripple disclosed that this significant move would transform the overall financial landscape of Brazil and streamline the operations of crypto businesses.
Ripple Payments offers unique capabilities that are important to crypto businesses enabling them to streamline operations, optimize liquidity, and ultimately improve margins through real-time payment settlement. We’re thrilled to partner with Mercado Bitcoin, a market leader in crypto with more than a decade of experience bringing tokenized services to Brazil.
What Mercado Bitcoin Stands to Gain
According to the terms of this collaboration highlighted in our earlier report, Mercado Bitcoin would leverage the solution for the improvement of its internal treasury solutions between Brazil and Portugal. This would be part of its efforts to streamline and enhance international payments for its retail and corporate customers. Using the Ripple Payment solution, non-residents can make payments directly using Reais.
Head of Banking at MB Jordan Abud, commenting on this, explained that Ripple’s expertise would be very crucial in this initiative, and would be a huge push for the internationalization agenda of the top Latin American exchange.
The idea is to provide a simplified transfer through the expertise of Ripple, our international partner specializing in cross-border payments. At the same time, this partnership enables Mercado Bitcoin to take another step towards internationalizing its services. The possibility of facilitating this type of operation, offering lower costs, and making the platform even more complete shows our commitment to customers while expanding the portfolio of products we offer today.
What to Expect from Ripple Payment
According to our research, Ripple’s payment solution has a fast-growing international reach with more than 80 payout markets. This represents 90% coverage of the daily FX market. Specifically, it has recorded a transaction of more than $50 billion in volume.
In the press release, Ripple highlighted “trust and security” as one of the main provisions of its payment solution. Adding to this, its 10 years of relevant experience in building solutions for institutions and observing strict regulatory demands was pointed out as a testament to its reputation.
Another mention is its streamlined onboarding. According to Ripple, its payment solution can be easily integrated by businesses without any serious friction. It also acts as a gateway to the global market via its single integration feature. Most importantly, on-demand liquidity can be assessed by businesses across multiple currencies at all times.
Ripple’s relationship with Brazil goes as far back as 2019 when it opened a local office in the country. In 2022, it also launched its first crypto-enabled payment solution in partnership with Travelex Bank.
At press time, XRP was down by 11% in the last seven days and was trading at $0.52.
