- Both companies in collaboration will work together to foster cross-border payments based on blockchain technology mainly in Brazil.
- This collaboration was very essential to spread its wings over Latin America including Brazil which is said to be a dominant region for crypto users.
On October 3, Ripple officially announced that the leading provider of digital assets has collaborated with Mercado Bitcoin exchange to spread its wings over the global payments network.
Both companies in collaboration will work together to foster cross-border payments based on blockchain technology mainly in Brazil which will help the business to make payment processing faster, more efficient, and cost-effective.
As per the official statement made by the company, the initiation will be done by offering support to the institutional clients followed by improving the efficiency of internal treasury options bounded by Mercado Bitcoin and Mercado Bitcoin Portugal.
By using the end-to-end payment solution offered by the company, the business owners can reflect the payments directly into Brazilian money. Also, they can squeeze out the benefits from real-time settlements and can do over 80 payout markets globally.
The managing director at Ripple for Latin America, Silvio Pegado comments that the collaboration is lined up with the vision of the company of improving payments cross-boundary by partnering with market leaders.
This collaboration was very essential to spread its wings over Latin America including Brazil which is said to be a dominant region for crypto users. Brazil is a leading country in the matter of crypto activities having around $6 billion of crypto trading volume this year.
Ripple is already fighting with the U.S. Securities and Exchange Commission over a lawsuit, but it continued on its way to acquire the Brazilian market. It also includes the recent approvals in the UAE as a part of its Middle East strategy.
As of current data, Ripple has 55 regulatory licenses, mainly from countries like Singapore, New York, and Ireland as it has built a trust for providing compliant cross-border payments solutions.
What is Mercado Bitcoin?
Mercado Bitcoin is an alternative asset service provider having over 4 million customers and stabilizing its foot for more than 10 years in the market.
A professional with expertise in Banking services, Jordan Abud claims that after the collaboration, the operational costs will be reduced and the services provided by the platform will be strengthened.
Abud mentioned, “The collaboration between both parties is a way to internationalize the services. Initiating this type of thing which includes operation, lowering costs, and completing the platform is a clear dedication toward users. It also helps to enhance the portfolio in the future.”
Market acquired by Ripple
Ripple is a blockchain-based digital payment company introduced in 2012. It offers real-time cross-border transactions. The end-to-end payments solution has access to more than 80 global payout markets.
Apart from collaboration with Mercado Bitcoin, the company has so far collaborated with Central banks and financial institutions all over the globe. As a result, it makes more than $50 billion in a year.
This year, Ripple took one more step by transforming the payment platform named RippleNet to open enterprise crypto adoption. The revenues generated mainly from cross-border payments were forecasted to hit $280 trillion by the end of this decade.
The revenues from cross-border payments were forecasted to hit $280 trillion by the end of this decade.
