Ripple, a leader in digital asset infrastructure, has partnered with Mercado Bitcoin to introduce its Ripple Payments solution in Brazil, marking its debut in the Latin American market. Mercado Bitcoin, the region’s largest cryptocurrency exchange, will be the first in Brazil to utilise Ripple’s end-to-end payments solution. This technology enables businesses to leverage blockchain for faster, more cost-effective cross-border payments. With Ripple Payments, funds can be moved globally 24/7, with settlements completed within minutes, significantly reducing the friction and time associated with traditional methods.
This partnership builds on Ripple’s introduction of new payment functionalities last year, allowing the company to manage payments on behalf of its customers. Mercado Bitcoin will initially use the service to streamline its internal treasury operations between Brazil and Portugal, with future plans to expand support for international payments for both corporate and retail clients. A notable feature of this solution is the use of a non-resident account, enabling direct payments in Reais, thereby enhancing the overall customer experience.
Brazil’s proactive stance on cryptocurrency regulation, its leadership in the market, and its increasing institutional and developer adoption made it an ideal choice for launching Ripple Payments in the region. Ripple has had a presence in Brazil since 2019, and in 2022 it introduced its first crypto-enabled payment service with Travelex Bank in the country.
Ripple Payments brings several advantages to Brazilian businesses. With over a decade of experience, it offers trusted and secure solutions for financial institutions, adhering to stringent regulatory, compliance, and security standards. Its streamlined onboarding process enables businesses to integrate Ripple Payments with minimal friction, accelerating access to global financial networks. Additionally, a single integration with Ripple provides access to over 80 payout markets worldwide, simplifying cross-border transactions. The service also ensures 24/7 liquidity across multiple currencies, allowing for timely transactions regardless of destination or time zone.
Silvio Pegado, Managing Director of LATAM at Ripple, emphasised the unique benefits of Ripple Payments for crypto businesses. “Ripple Payments offers unique capabilities that are important to crypto businesses, enabling them to streamline operations, optimise liquidity, and ultimately improve margins through real-time payment settlement,” he said. Jordan Abud, Head of Banking at Mercado Bitcoin, added, “This partnership enables Mercado Bitcoin to take another step towards internationalising its services. The possibility of facilitating this type of operation, offering lower costs, and making the platform even more complete shows our commitment to customers while expanding our product portfolio.”
Ripple Payments is well-positioned to provide financial institutions with the core services needed to tokenize, store, exchange, and transfer digital assets. The platform boasts near-global coverage, with more than 80 payout markets, representing over 90% of daily FX markets and processing in excess of $50 billion in volume. Furthermore, Ripple holds 55 regulatory licences and registrations across various jurisdictions.
While the service is not yet available to customers, the initial operations will be conducted exclusively between Mercado Bitcoin and its Portuguese subsidiary.
