Ripple, a leader in the infrastructure of digital assets, has launched a major agreement with Mercado Bitcoin, one of the biggest cryptocurrency exchanges in Latin America. Through this partnership, a new way to pay will be made available that lets companies in Brazil use cryptocurrency to do business with other countries. The start is meant to speed up, lower the cost, and improve the efficiency of payments made across borders.
In a news release on October 3, Ripple showed off its “managed end-to-end payments solution.” With this cutting-edge tool, Brazilian businesses will be able to make payments around the world 24 hours a day, seven days a week. Transactions will be settled in minutes.
At first, the new service will only be available to businesses, focusing on transfers between Mercado Bitcoin and its Portuguese equivalent. The public can’t yet get the product, but it’s an exciting step forward in Ripple’s ongoing work to improve payment solutions since 2023, when they added end-to-end management features.
Mercado Bitcoin wants to use this new system to improve how its internal budget works and finally make it easier for both businesses and regular people to send money across borders. A non-resident account is an important part of the service because it lets users do business directly in Brazilian Reais, which will improve the total customer experience.
Since it started in 2013, Mercado Bitcoin has grown to have over 4 million users, making it a big player in the cryptocurrency world. People know the exchange for its smart relationships with major payment processors, such as Mastercard. Mercado Bitcoin worked with Mastercard in May 2024 to make it easier for people in Latin America and Europe to make transactions. Mercado Bitcoin thinks that its new relationship with Ripple will make its services even better.
Jordan Abud, who is in charge of banking at Mercado Bitcoin, was positive about the partnership and emphasized that it would make foreign business easier while also dropping the costs of transactions. He said that this relationship shows that the company is still committed to making customers happier and offering more services.
Brazil is a market leader in cryptocurrencies and takes a forward-thinking approach to regulating them. This makes Ripple think that Brazil is the perfect place to launch its payment solution. Ripple has had a footprint in Brazil since 2019 and worked with Travelex Bank to start a cryptocurrency-based payment service in 2022.
Businesses in Brazil can look forward to a lot of benefits from this new payment system, such as a secure platform built on more than a decade of experience in financial technology. Ripple Payments makes it easier for its users to do business across borders by streamlining the hiring process and giving them access to more than 80 payout markets around the world. It also promises liquidity across multiple currencies, so deals will always be completed on time, no matter where they are going or what time zone they are in.
Ripple is getting ready to start its payment service. The company will continue to shape the future of cross-border payments in Brazil and other places.
