Ripple partners with Mercado Bitcoin to launch payments solution in Brazil

Ripple has announced the launch of its payments solution in Brazil, following a partnership with Mercado Bitcoin, a leading crypto exchange.

In an announcement on October 3, Ripple stated that Mercado Bitcoin will be the first platform to utilize Ripple Payments, which facilitates faster and more cost-effective cross-border transactions for businesses. This integration will provide Mercado Bitcoin users with improved security, global access, and enhanced liquidity.

Direct Payments in Reais

Brazil marks the first country in Latin America to receive Ripple’s end-to-end payments solution. This development is expected to enhance Mercado Bitcoin’s treasury operations and enable international payments for its users, targeting operations both in Brazil and Portugal. Additionally, retail and corporate clients will gain access to direct payments in Reais, the local currency, thanks to support for non-resident accounts.

“Ripple Payments offers unique capabilities that are vital for crypto businesses, allowing them to streamline operations, optimize liquidity, and ultimately improve margins through real-time payment settlement,” said Silvio Pegado, managing director of LATAM at Ripple.

Ripple’s Expansion Efforts

Ripple established its presence in Brazil in 2019 and expanded its on-demand liquidity services through a partnership with Travelex Bank in 2022. However, this marks the first introduction of its fully managed end-to-end solution in the market.

Initially, the solution will cater to institutional transactions exclusively between Mercado Bitcoin and its subsidiary based in Portugal, with general customer access not yet available.

The expansion into Brazil coincides with Ripple’s plans to grow its offerings, including Ripple USD, a stablecoin pegged to the U.S. dollar. The company has also received in-principle approval to broaden its services in the United Arab Emirates.

On the regulatory front, Ripple CEO Brad Garlinghouse has expressed criticism regarding the U.S. Securities and Exchange Commission’s decision to appeal a prior ruling in the ongoing SEC vs. Ripple legal case.