New York, Sunday, October 6, 2024-Ripple has launched its end-to-end payments solution in Brazil, partnering with Mercado Bitcoin to enhance cross-border transactions between Brazil and Portugal using blockchain technology.
The partnership will allow Mercado Bitcoin to streamline its internal treasury operations, testing Ripple’s platform for efficiency. Initially, this will be for institutional use between Mercado Bitcoin’s Brazil and Portugal branches. Plans are in place to expand the solution, potentially offering businesses and individuals a more cost-effective way to manage international transfers.
This collaboration marks Ripple’s continued focus on Brazil’s growing digital payments sector. Ripple, which opened its Brazilian office in 2019, aims to build blockchain infrastructure within the region to support a wide range of digital asset transactions. Mercado Bitcoin’s Head of Banking, Jordan Abud, emphasized that the partnership with Ripple would simplify international transfers while reducing costs for customers. However, the service is not yet available for public use, as it remains in the testing phase.
Brazil has shown significant interest in adopting blockchain technology to enhance its financial services sector. Ripple has capitalized on this trend by developing cross-border payment solutions, allowing businesses to bypass traditional banking networks that often incur higher fees and longer transaction times.
The partnership with Mercado Bitcoin is a strategic move to further Ripple’s presence in Latin America. Brazil has become an essential market for Ripple, as the company continues expanding its influence and service offerings across the globe.
