- Ripple partners with Mercado Bitcoin to enhance Brazil-Portugal cross-border payments using blockchain, aiming for real-time settlements.
- Mercado Bitcoin uses Ripple’s end-to-end payment solution for intracompany treasury operations between Brazil and Portugal.
- Ripple expands in Latin America, partnering with Mercado Bitcoin to streamline cross-border payments and boost crypto adoption in Brazil.
Ripple has partnered with Brazilian cryptocurrency trading firm Mercado Bitcoin to enhance cross-border payments using blockchain solutions, a move to further promote faster business transactions using blockchain technology.
The partnership will deploy Ripple’s managed end-to-end payment infrastructure, which represents a crucial progress in the company’s plan to enhance its offerings in the Latin American region.
Streamlined Cross-Border Payments Between Brazil and Portugal
Ripple is working closely with Mercado Bitcoin to enhance cross-border payment solutions, especially between Brazil and Portugal. Its long-term goal is to boost real-time settlements for institutional customers and become a more efficient and cheaper solution than bank clearing systems.
Ripple end-to-end payment solution, launched in 2023, will allow it to process and finalize transactions in minutes. Initially, Mercado Bitcoin will use Ripple’s solution intracompany for its treasury management for its headquarters in Brazil and its affiliate in Portugal. This initial phase enables the exchange to assess the system’s capabilities with a definite client base before opening to the general public.
The partnership is expected to strengthen Mercado Bitcoin’s internal operations, thus increasing the speed and efficiency of the transactions between the two countries.
Ripple’s Expansion in Latin America
Brazil has become one of Ripple’s primary strategic markets, targeting the development of digital payments. Ripple launched its first office in Brazil in 2019 and has since collaborated to establish a proper structure for implementing blockchain transactions in Latin America.
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Mercado Bitcoin, a leading Latin American cryptocurrency platform with over 4 million users, has partnered with international financial companies as part of its strategy. In May 2024, the exchange collaborated with Mastercard to provide real-time transactions for its users in Latin America and Europe.
Combined with the recent collaboration with Ripple, this new advancement enhances Mercado Bitcoin’s presence in international payments by offering a better way to clear transactions.
The use of non-resident accounts in this partnership is expected to improve the overall customer experience by enabling users to pay directly in Brazilian Reais. This approach simplifies the payment process, reducing the need for complex foreign exchange conversions and offering a more seamless service for businesses and customers.
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