Ripple and Mercado Bitcoin launch a cross-border payment service in Brazil

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Ripple has Partnerships with Mercado Bitcoin, one of the largest cryptocurrency exchanges in Latin America, to launch a new cross-border cryptocurrency payment solution in Brazil.

This partnership will enable businesses to make faster, cheaper and more efficient cross-border payments using Ripple’s managed end-to-end solution.

Mercado Bitcoin, which has 4 million users and is a major player in the region, will initially use Ripple’s solution to improve its domestic treasury operations between Brazil and Portugal. The company plans to expand the service to corporate and retail customers in the future.

“This partnership allows Mercado Bitcoin to take another step towards internationalizing its services,” said Jordan Abud, Head of Banking at Mercado Bitcoin.

The Ripple solution will first target institutional customers, with initial cross-border transactions being facilitated between Brazil and Portugal. This marks a key step in Ripple’s expansion in Latin America, building on its previous collaboration with Travelex Bank in 2022.

By using a non-resident account feature, the new payment system allows users to pay directly in Brazilian Reals, improving the customer experience by simplifying currency exchange and streamlining transactions.

Mercado Bitcoin’s partnership with Ripple builds on its history of collaborations with major payments firms such as Mastercard. In early 2024, Mercado Bitcoin teamed up with Mastercard to offer live transaction capabilities between Latin America and Europe. The exchange is also working with Mastercard on a Web3-centric cryptographic identification system launch in 2023.

Despite this fight in progress with the SEC, Ripple continues to build global partnerships, confident in its product and mission to enable seamless cross-border payments.

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