Ripple Partners with Mercado Bitcoin for Crypto Cross-Border Payments in Brazil

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University’s Medill School of Journalism with a Bachelor’s and a Master’s. He has previously interned at HTX (Huobi Global),…

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Last updated:

October 3, 2024 15:11 EDT

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Ripple has launched its end-to-end payments solution in Brazil, partnering with Mercado Bitcoin to enhance cross-border transactions using blockchain technology.

According to a recent press release, Mercado Bitcoin will use the Ripple Payments platform to streamline cross-border payments between Brazil and Portugal.

Cross-Border Payment Between Brazil and Portugal

Initially, Mercado Bitcoin will use Ripple Payments for internal treasury operations within the two countries. This use case will allow the exchange to test the system’s effectiveness before expanding its application.

The release stated that plans are in place to eventually offer Ripple’s solution for broader use, including supporting international payments for corporate and retail clients. The expansion would provide businesses a more efficient option for handling cross-border transfers.

Ripple’s Regional Focus in Latin America

Brazil’s increasing interest in digital payments and blockchain technology makes it a key market for Ripple, which opened its first office in the country in 2019. Since then, Ripple has focused on building infrastructure to support digital asset transactions within the region.

“The idea is to provide a simplified transfer through the expertise of Ripple, our international partner specializing in cross-border payments,” said Mercado Bitcoin Head of Banking Jordan Abud.

“The possibility of facilitating this type of operation, offering lower costs and making the platform even more complete shows our commitment to customers, while expanding the portfolio of products we offer today,” added Abud.

The statement clarified that the product is currently unavailable to the general public. The initial phase was focused solely on institutional operations between Mercado Bitcoin and its branch in Portugal.