Ripple Teams Up with Mercado Bitcoin to Launch Business Payment Solutions in Brazil

In a strategic move to expand its presence in Latin America, Ripple, a digital asset structure provider, has partnered with Mercado Bitcoin, one of the largest cryptocurrency exchanges in Brazil, to offer a new international payment solution, according to a CoinDesk report.

This collaboration aims to facilitate cross-border transactions using Brazilian reals (BRL) for corporate and retail clients, marking Ripple’s first business-focused initiative in Brazil.

Ripple's end-to-end payments solution is now live in Brazil!
Learn how our new partnership with @MercadoBitcoin will streamline treasury operations between Brazil & Portugal, boosting cross-border payment efficiency via Ripple’s managed payments solution.https://t.co/wQqHRkd9wf

— Ripple (@Ripple) October 3, 2024

Mercado Bitcoin uses Ripple’s service to improve its internal Treasury operations between Brazil and Portugal, allowing companies and consumers to benefit from faster and more efficient payments. Ripple said in a statement.

The partnership between Ripple and Mercado Bitcoin is sketched to gain various analytic objectives. “Ripple Payments proposes unique capabilities that are essential to cryptocurrency businesses, permitting them to streamline operations, optimize liquidity, and ultimately enhance margins through real-time payment settlement,” said CEO Silvio Pegado. of Ripple for Latin America in a statement.

Jordan Abud, banking director at Mercado Bitcoin, said the partnership with Ripple “lets Mercado Bitcoin take another step towards internationalizing its services.”

With Ripple’s payment infrastructure, Brazilian Reais (BRL) can be perfectly transmitted between countries, providing corporate and retail customers with a more efficient way to manage international transactions.

This is specifically favourable for businesses and individuals with ties to both Brazil and Portugal, where treasury operations are commonly time-consuming and expensive.

Furthermore, Mercado Bitcoin will use Ripple’s platform to improve its treasury operations between Brazil and Portugal.

Consequently, the exchange can streamline liquidity management and decrease the costs and delays usually associated with cross-border payments.

Brazil is familiar territory for Ripple. The inefficiencies of conventional banking systems frequently make cross-border payments difficult in emerging markets, which is why Ripple’s platform is well suited for them. It enables cross-border payments through its blockchain-based payment solutions.

By partnering with financial institutions and crypto exchanges globally, Ripple’s on-demand liquidity (ODL) solution assists in eliminating the demand for pre-funded accounts, substantially lowering the resistance involved in cross-border transactions.

The ability to offer seamless cross-border payments will not only strengthen the exchange’s market position but will also provide customers with a valuable service that meets the growing demand for efficient international payments.

With the support of Ripple’s platform, Mercado Bitcoin will be able to optimize the liquidity of its operations, ensuring that it can better manage its digital assets while improving the overall efficiency of its payment services.

Meanwhile, on the legal front, the SEC filed an appeal against Judge Analisa Torres’ ruling in its case against Ripple.

The @SECgov filed a notice of appeal in its case against @Ripple this week.https://t.co/rOvetBL72x

— CoinDesk (@CoinDesk) October 5, 2024

They argue that SEC Ripple Labs’ XRP token sold on public exchanges does not meet the legal definition of security, limiting the SEC’s regulatory authority over XRP.

It was recorded on October 4 in the PACER recording system of the United States Court of Appeals for the Second Circuit. However, Ripple remains confident of emerging triumphant from its appeal against the SEC.

Through its CEO, Garlinghouse, Ripple emphasized that it will prevail for the benefit of the company, the XRP community, and the crypto industry at large.