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Ripple Partners With Brazilian Exchange Mercado Bitcoin to Offer Business-Focused Payments Solution
Mercado Bitcoin plans to offer its corporate and retail customers support for international payments, allowing users to transact with Brazilian Reais.
Updated Oct 3, 2024, 1:08 p.m. Published Oct 3, 2024, 1:00 p.m.
- Mercado Bitcoin, a leading Brazilian crypto exchange, will be the first customer of Ripple's product in Brazil. use Ripple’s platform to improve its internal treasury operations between Brazil and Portugal.
- Ripple introduced its crypto on-demand liquidity (ODL) service in Brazil in August 2022 in partnership with Travelex Bank.
Ripple, a provider of digital asset infrastructure, has partnered with leading Brazilian crypto exchange Mercado Bitcoin to offer businesses its managed end-to-end payments solution.
Mercado Bitcoin use Ripple’s service to improve its internal treasury operations between Brazil and Portugal, Ripple said in a statement. The aim is to offer its corporate and retail customers support for international payments, allowing users to transact with Brazilian Reais. The exchange will be the first customer of Ripple's business-focused payment solution in the Latin American country.
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“Ripple Payments offers unique capabilities that are important to crypto businesses enabling them to streamline operations, optimize liquidity, and ultimately improve margins through real-time payment settlement,” said Silvio Pegado, Ripple’s managing director for Latin America, in a statement.
Jordan Abud, head of banking at Mercado Bitcoin, said the partnership with Ripple “enables Mercado Bitcoin to take another step towards internationalizing its services.”
Read more:Bitwise Makes XRP ETF Plans Official With SEC Filing
Brazil is familiar territory for Ripple. The company opened offices in the Latin American country in 2019 and introduced its crypto on-demand liquidity (ODL) service in Brazil in August 2022, in partnership with Travelex Bank.
In September, Ripple Labs CEO Brad Garlinghouse said that the company’s U.S.-dollar pegged stablecoin, , was close to issuance, detailing that “weeks, not months,” was an estimated release time.
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