Fintech giant Ripple announced Thursday the launch of its high-speed payment solution Ripple Payments in Brazil to expand its reach in South America.
Brazilian crypto exchange Mercado will be the first to use Ripple's blockchain payment solution to speed up cross-border bitcoin transactions. Other businesses will be allowed to tap into the technology in the future, according to a statement.
Formerly known as RippleNet, Ripple Payments is a fintech blockchain-powered solution for making cross-border payments. It provides businesses and financial institutions with a faster and cheaper way to send and receive international payments using Ripple's blockchain infrastructure.
His solution works on XRP To provide ledger liquidity and settlement, although the system does not require users to hold or use crypto.
The payment rails provide businesses with on-demand transactions in multiple currencies at any time to “ensure efficient and timely transactions regardless of destination or time zone,” Ripple said in a statement.
Jordan Abboud, Mercado's head of bitcoin banking, said the move leverages Ripple's expertise to provide a “simple transfer” process.
Ripple is a fintech company that focuses on moving money around the world faster. And the founders created it. XRPThe seventh-largest cryptocurrency by market capitalization.
Since the company Partly won It went against the Securities and Exchange Commission last year in what was seen as a victory for the digital asset industry. He expressed hope As many companies use payment solutions.
Thursday's announcement isn't fintech's first foray into Latin America. Last year the company Signed An agreement with the Central Bank of Colombia to explore the central bank's digital currency technology. Opened in 2019, Ripple has an office in Brazil.
A Ripple spokesperson told Decrypt that the region has emerged as a “critical hub” for crypto innovation due to high adoption rates and “growing demands for financial inclusion.”
“Brazil, in particular, is a leading market for crypto because of its forward-thinking approach to policy, buy-in from traditional financial institutions,” he said.
South America's largest economy has a “burgeoning developer community” hungry for opportunities to improve its existing financial infrastructure. He added that it is a “key location” to the region.
Edited by Sebastian Sinclair.
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