Ripple and Mercado Bitcoin launched a cross-border payment service in Brazil
Key receivers
Ripple and Mercado Bitcoin's new system targets initial transactions between Brazil and Portugal. The partnership marks Ripple's expansion in Latin America.
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Ripple has partnered with Mercado Bitcoin, one of Latin America's largest crypto exchanges, to launch a new crypto-enabled cross-border payment solution in Brazil.
This partnership will enable businesses to make faster, cheaper and more efficient cross-border payments using Ripple's managed end-to-end solution.
Mercado Bitcoin, which has 4 million users and is a major player in the region, will first use Ripple's solution to improve internal treasury operations between Brazil and Portugal. The company plans to extend its services to corporate and retail customers in the future.
“This partnership allows Mercado Bitcoin to take another step towards globalizing its services,” said Jordan Abboud, Head of Banking, Mercado Bitcoin.
Ripple's solution is aimed primarily at institutional clients, facilitating the first cross-border transactions between Brazil and Portugal. This marks a key step in Ripple's expansion into Latin America, building on a previous partnership with Travelex Bank in 2022.
Using a non-resident account feature, the new payment system allows users to pay directly with Brazil Reiss, which enhances the customer experience by simplifying money transfers and streamlining transactions.
Mercado Bitcoin's partnership with Ripple builds on its history of collaboration with major payment organizations such as MasterCard. Earlier in 2024, Mercado Bitcoin partnered with MasterCard to offer live transaction capabilities between Latin America and Europe. The exchange is working with MasterCard on a Web3-based crypto-identity system launched in 2023.
Despite the ongoing battle with the SEC, Ripple, confident in its product and mission, continues to build international partnerships to enable cross-border payments.
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