Ripple Teams with Mercado Bitcoin for Faster Cross-Border Payments in Brazil

• Ripple and Mercado Bitcoin are launching a crypto-powered cross-border payment system targeting institutional clients between Brazil and Portugal.
• Mercado Bitcoin will enhance its internal treasury operations while expanding cross-border payment services to corporate and retail customers.
• The partnership builds on Mercado Bitcoin’s existing collaborations, including with Mastercard, to support innovative payment solutions across global markets.

Ripple, a major blockchain payments firm, has teamed up with Mercado Bitcoin, one of Latin America’s largest cryptocurrency exchanges, to introduce faster and more efficient cross-border payments. The collaboration aims to enhance the processing of international payments between Brazil and Portugal, leveraging Ripple’s advanced crypto-enabled payment solutions. The partnership was officially announced on October 3, and the new tool is expected to be fully operational by the end of 2024.

Ripple’s “managed end-to-end payments solution” will enable businesses in Brazil to settle cross-border transactions quickly and at a lower cost. This initiative offers a 24/7 payment platform that can settle transfers in minutes. Currently, the service targets institutional customers, with the first transactions expected to take place between Mercado Bitcoin’s branches in Brazil and Portugal. 

Improved Treasury and Payment Solutions for Businesses

Mercado Bitcoin plans to use Ripple’s solution to optimize its internal treasury operations between Brazil and Portugal. The exchange will also extend this service to corporate and retail customers shortly, allowing them to benefit from more efficient cross-border transactions. According to Ripple’s official announcement, one key advantage of the system is the ability to use a non-resident account, enabling users to settle payments directly in Brazilian Reais, significantly improving the user experience. 

Jordan Abud, head of banking at Mercado Bitcoin, stated that the partnership would help the company further internationalize its services while providing smoother and faster transfers. Mercado Bitcoin aims to offer businesses an improved payment platform that surpasses traditional banking methods.

Mercado Bitcoin: A Key Player in Latin America’s Crypto Market

Founded in 2013, Mercado Bitcoin has grown to become a dominant force in the Latin American cryptocurrency industry, boasting over 4 million users. The exchange has made headlines through partnerships with prominent companies like Mastercard. In May 2024, Mercado Bitcoin joined forces with Mastercard to offer live transaction capabilities for Latin American and European payment corridors.

Moreover, the company has been involved in the development of Web3 technologies, collaborating with Mastercard on a crypto identity system in April 2023. These strategic partnerships reinforce Mercado Bitcoin’s status as a leader in the crypto space, continuously expanding its range of services to cater to evolving market needs.