Ripple Payment Solution Gets a Boost in Brazil With New Partnership

Key Points:

• Ripple has partnered with Mercado Bitcoin to introduce Ripple Payments to enhance their funding operations with Portugal.
• The Ripple payment solution enables secure, efficient, and cost-effective cross-border payments.

Ripple has inked a strategic deal with Mercado Bitcoin, the largest on-chain exchange in Brazil, to establish an enterprise-focused payment solution.

Read more: SEC Appeal Could Shake Up Ripple XRP Lawsuit 

Ripple Payment Solution Expanded Through Mercado Bitcoin Partnership

This new offering, dubbed Ripple Payments, cements Mercado Bitcoin as the first client in Brazil to leverage Ripple’s managed end-to-end payments solution. Capable of processing 24/7, with the ability to settle payments in a matter of minutes, the Ripple payment solution massively reduces the time and associated friction to move money around the world.

Although the Ripple payment solution is currently not customer-facing, the company thinks its first deployment will only be an institutionally available example between Mercado Bitcoin and its Portuguese counterpart. The deployment marks an extension of Ripple’s most recent innovations, which, for the first time in 2023, allowed the firm to process payments on behalf of clients all the way to the last mile.

The deal comes in very handy with the recent hype in the crypto market in Brazil, to which Ripple’s fit of digital infrastructure comes into perfect relevance given its ever-changing crypto policy.

Mercado Bitcoin intends to use this solution for internal treasury operations not only between Brazil and Portugal but also to further facilitate cross-border payments for corporate and retail customers in the future.

Strategic Partnership Strengthens Ripple’s Position in Latin America’s Crypto Market

Ripple expects the collaboration to accelerate and reduce the cost of international payments; therefore, eventually, it is going to be with much less friction that businesses quickly reach more than 80 global markets.

The fintech company is famous for speedy money transfers around the world and the creation of the seventh-largest cryptocurrency by market capitalisation and looks upon the partnership as one more meaningful step in the ongoing expansion across Latin America.

The alliance follows Ripple’s recent partial victory against the Securities and Exchange Commission, which has reinvigorated its prospects for wider adoption of its payment solutions in the region.

Establishing local operations in 2019, Ripple has incrementally scaled up its operations in Brazil, launching its On-Demand Liquidity service last year with the now-defunct Travellex Bank to offer seamless international payments using cryptocurrency.