Blockchain payments firm Ripple Labs announced the launch of a new solution focused on international payments. The company launched the payment solution in partnership with the Brazilian crypto exchange Mercado Bitcoin.
This new development has excited the XRP community, demonstrating Ripple’s commitment to the Web3 space.
Ripple Labs Moves On from SEC Twist
Surprisingly, the payment solution launch comes in light of the US SEC appeal in its case against Ripple. Notably, the SEC is appealing the July 2023 ruling that declared XRP traded on secondary trading platforms are not securities. The SEC’s decision quickly sparked uproar in the market, leading to dwindling prices for XRP.
Despite this setback, Ripple has decided to move forward with its development plans to launch the international payment solution. According to a press release, the new solution will allow companies to use blockchain technology to facilitate international payments. The solutions aim to make international payments cheaper, faster, and more secure.
Ripple noted that the solution is similar to its previously launched On-Demand Liquidity (ODL) service in Brazil. The service launched in partnership with Travelex Bank involves international transactions, known as “cross-border” settlement.
Silvio Pegado, Managing Director LatAm at Ripple, said the new solution improves the ODL. Pegado describes it as faster, more efficient, and cost-competitive, giving users full access to its payment network.
The Brazil and LATAM Push
Mercado Bitcoin, the largest crypto exchange in Latin America, will be the first customer in Brazil to use the solution for transferring funds. The exchange will use Ripple’s solution to support its treasury operations between Brazil and Portugal.
Both Ripple and Mercado Bitcoin stand to benefit from the partnership. For Mercado Bitcoin, the partnership with Ripple will help spread the exchange’s services internationally. Additionally, it will help to expand the crypto broker’s products, thus enhancing the platform’s appeal to its customers.
According to Ripple, the partnership is a major step towards expanding its services in the Brazilian market. This puts it ahead of other firms that are still exploring gaining a foothold in Latin America. Silvio Pegado noted that Ripple sees Brazil as an “anchor” for its business in Latin America.
Brazil’s crypto market is on an upward trajectory. Due to inflation and the devaluation of their country’s currency, Brazilians increasingly turn to cryptocurrencies to store their wealth. Brazil is also accelerating institutional access to crypto, approving its second Solana Exchange-Traded Fund (ETF).
XRP Ledger Advances, RLUSD Stablecoin
Ripple has also made notable advancements with its XRP Ledger (XRPL) protocol. Amid expectations of its stablecoin (RLUSD) launch, the XRPL recently introduced two major amendments, “fixEmptyDID” and “fixPreviousTxnID.” These upgrades might expand the RLUSD’s use cases, allowing it to realize its full potential.
The “fixEmptyDID” amendment aims to prevent the production of empty DID ledger entries. The “fixPreviousTxnID” amendment, on the other hand, aims to improve transaction tracking.
Prior to these amendments, Ripple burned 64 RLUSD stablecoins as part of its beta testing for the stablecoin launch. Over the past few weeks, the minting and burning of the token has intensified overall. This testing, executed through the RLUSD Treasury, emphasizes Ripple’s dedication to the stablecoin market’s innovation.
