- Ripple funding enables quick and secure global transactions for businesses in Brazil.
- Mercado Bitcoin will enhance its business and support international exchanges using Ripple’s technology.
- Brazil’s crypto business is growing, and Ripple’s agreement helps to strengthen its position in this space.
Ripple has announced a joint venture with Mercado BTC, which is the largest digital investment exchange in Latin America. This collaboration will introduce Ripple Finance, a solution that aims to improve interstate transactions in Brazil. Consequently, Mercado BTC becomes the first customer to use this innovative billing solution in the country.
Enhancing Transaction Efficiency
Ripple Payments allows users to conduct global sales 24/7. The service ensures settlements happen within minutes. Hence, it significantly reduces the time and effort usually involved in cross-border payments. Mercado Bitcoin plans to use this technology to enhance its internal treasury operations, especially between Brazil and Portugal. Moreover, the exchange aims to extend support for international payments to both corporate and retail customers in the future.
This partnership builds on Ripple’s previous achievements in payment management. Last year, Ripple introduced features to manage payments for its clients. One standout feature of this solution is the non-resident account option. This option allows customers to transact directly in Brazilian Reais, which improves the user experience.
Brazil’s Cryptocurrency Landscape
Brazil’s regulatory environment operates in an important position in its expanding meaning in the digital currency domain. The country takes a progressive approach and attracts institutional interest along with wider acceptance of digital assets. Additionally, Ripple’s decision to launch its payment solution in Brazil aligns with its strategy for emerging markets.
Ripple opened a local office in the state in 2019 and partnered with Travelex Bank in 2022 to introduce its first crypto-enabled cash management solution.
Benefits for Mercado Bitcoin
Mercado Bitcoin stands to gain from this partnership. Jordan Abud, head of banking at Mercado Bitcoin, mentioned that this collaboration allows the exchange to expand its services internationally. The integration of ripple payments is expected to boost operational efficiency and liquidity management for the exchange.
Silvio Pegado, Ripple’s managing director for Latin America, noted that the service streamlines operations and enhances margins through real-time settlements. Ripple Payments connects businesses to over 80 payout markets worldwide and ensures smooth transaction processing. As a result, this partnership strengthens Ripple’s position in Brazil and supports the country’s digital asset infrastructure.
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