Ripple has launched its payment solution in Brazil through a partnership with the crypto exchange Mercado Bitcoin. This marks Ripple’s first deployment of its end-to-end payments system in Latin America, enabling faster and cheaper cross-border payments for businesses.
Mercado Bitcoin users will benefit from enhanced security, global access, and improved liquidity.
The solution will improve the exchange’s treasury operations and offer international payment services for customers in Brazil and Portugal. Retail and corporate users can now access direct payments in the local currency, Brazilian Reais, through non-resident accounts.
Silvio Pegado, managing director of LATAM at Ripple, highlighted the solution’s ability to streamline operations, optimize liquidity, and boost margins through real-time payment settlements.
Initially, transactions will be limited to institutional clients, including those between Mercado Bitcoin and its Portugal-based subsidiary.
Ripple has expanded its presence in Brazil since 2019 and introduced its on-demand liquidity service with Travelex Bank in 2022.
This new solution aligns with Ripple’s broader goals, including developing Ripple USD, a U.S. dollar-pegged stablecoin, and expanding into the United Arab Emirates.
Meanwhile, Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) continues, with CEO Brad Garlinghouse criticizing the SEC’s decision to appeal a previous ruling.
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