Ripple partners with Mercado Bitcoin to launch payments solution in Brazil

Ripple has announced that its payment solution is now available in Brazil, following the digital asset infrastructure provider’s partnership with crypto exchange Mercado Bitcoin.

According to Ripple’s announcement on October 3, Mercado Bitcoin will be the first platform to leverage Ripple Payments, a solution that enables businesses to benefit from faster and cheaper cross-border payments.

Mercado Bitcoin users will also benefit from enhanced security, global reach and deeper liquidity.

Direct cross-border payments at Realis

Ripple noted that Brazil is the first country in Latin America where the company behind XRP (XRP) has expanded its end-to-end solution.

The solution will help Mercado Bitcoin improve treasury operations and bring international payments to its users. For the former, the crypto exchange is targeting its operations in Brazil and Portugal. Meanwhile, retail and corporate customers will also benefit from direct payment in the local currency, Realis.

Support for non-resident accounts makes this possible, the two companies said.

“Ripple Payments offers unique capabilities that are important for crypto businesses, enabling them to streamline their operations, optimize liquidity, and improve margins through real-time payment reconciliation,” said Silvio Pegado, managing director of Ripple LATAM.

Ripple’s expansion in Brazil

Ripple opened offices in Brazil in 2019 before adding optional liquidity support with Travelex Bank in 2022. However, this is the first time the company has brought its managed end-to-end solution to market.

It is worth noting that this product is not currently available to customers. The first transactions will be institutional and will only be between Mercado Bitcoin and its Portugal-based subsidiary.

The expansion of the payment solution to Brazil comes as Ripple looks to expand with Ripple USD, a stablecoin pegged to the US dollar. The company also received in-principle approval to expand its services in the United Arab Emirates.

Still on the regulatory front, Ripple CEO Brad Garlinghouse is among those criticizing the U.S. Securities and Exchange Commission’s decision to appeal an earlier ruling in the legal battle between the SEC and Ripple.