Mercado Bitcoin Teams Up with Ripple to Enhance Cross-Border Transactions
Ripple and Mercado Bitcoin – Ripple, a leading blockchain payments network, has announced a strategic partnership with Mercado Bitcoin, one of Brazil’s largest cryptocurrency exchanges. This collaboration aims to facilitate cross-border payments for local businesses using Ripple’s innovative “managed end-to-end payments solution.” The official announcement was made on October 3, 2023.
Enhanced Payment Solutions for Brazilian Businesses
With the introduction of this new payment tool, Brazilian businesses are set to benefit from “faster, cheaper, more efficient cross-border payments” available 24/7. Ripple’s solution is designed to significantly reduce the time it takes to settle payments, promising completion in just a matter of minutes. This development underscores Ripple’s commitment to improving the payment landscape in Brazil.
Targeting Institutional Clients First
The initial rollout of the payment solution will target institutional clients, focusing exclusively on transactions between Mercado Bitcoin in Brazil and its counterpart in Portugal. As of now, the new product is not yet available to customers, but Ripple anticipates launching the service before the end of 2024. This phased approach allows Ripple to refine its offerings based on feedback from institutional users.
Improving Internal Treasury Operations
Mercado Bitcoin intends to leverage Ripple’s technology to enhance its internal treasury operations between Brazil and Portugal. The exchange is also planning to extend cross-border payment capabilities to both corporate and retail customers in the near future. Notably, one of the distinguishing features of this solution is the incorporation of a non-resident account, enabling users to pay directly in Brazilian Reais. This is expected to elevate the customer experience significantly.
Founded in 2013, Mercado Bitcoin has grown into a major player in the Latin American cryptocurrency market, boasting over 4 million users. The exchange is recognized for its collaborations with notable payment firms, including Mastercard. Earlier this year, Mercado Bitcoin partnered with Mastercard to introduce live transaction capabilities across Latin American and European corridors, further cementing its position as a leader in the crypto space.
Future Prospects and Expansion Plans
Jordan Abud, Mercado Bitcoin’s head of banking, emphasized that this partnership with Ripple represents a significant step toward internationalizing their services. He highlighted the benefits of offering lower costs and a more comprehensive platform for users. As Mercado Bitcoin continues to expand its portfolio of products, the collaboration with Ripple is set to enhance its operational capabilities and customer offerings.
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