Ripple partnered with crypto exchange Mercado Bitcoin to launch an international crypto payments service in Brazil, allowing local businesses to make instant cross-border crypto transfers.
Ripple, a leading developer of enterprise blockchain solutions, announced a partnership with Mercado Bitcoin, one of the largest crypto exchanges in Latin America. The goal is to enable cross-border crypto payments for businesses in Brazil.
As part of the partnership, Mercado Bitcoin will use Ripple’s end-to-end managed payments solution to enable Brazilian businesses to make instant, low-cost cross-border payments 24/7.
Aimed at institutional clients, the initiative is driven by the need to accelerate and simplify transactions between Brazil and Portugal. The new service will use non-resident accounts, allowing users to make payments in Brazilian reals without having to convert them.
According to Jordan Abud, Head of banking at MB, the crypto exchange will implement Ripple’s payment solution by the end of this year and make it available to institutional clients. In the future, the service will be extended to corporate and retail customers. Abud believes the partnership with Ripple will help the company strengthen its position in the international market by offering convenient and cost-effective solutions.
In late 2023, the Brazilian banking group Itaú Unibanco launched a platform for cryptocurrency trading, as a result of which crypto trading volume in Brazil reached $6 billion in early 2024. USDT became the most popular crypto-asset in the region. However, local authorities decided to integrate USDC into PIX, Brazil’s national payment system.
