Ripple’s payment service is now available in Brazil following its partnership with Mercado Bitcoin, marking a significant collaboration to enhance payments in the region
Ripple said on October 3 that Mercado Bitcoin would be the first site to use Ripple Payments. This service lets businesses send money across borders more quickly and cheaply.
Mercado Bitcoin users will also get better protection, access worldwide, and more liquidity.
Direct payments across borders in reais
The company behind XRP said that the end-to-end system has now been made available in Brazil, making it the first country in Latin America to do so.
The answer will help Mercado Bitcoin improve its treasury and allow its users to send money to other countries. For the first, the crypto market wants to do business in Brazil and Portugal. Also, retail and business customers can make straight payments in the local currency, Reais.
Both companies said that this was possible because they supported non-resident accounts.
Silvio Pegado, managing director of LATAM at Ripple, said:
“Ripple Payments offers unique capabilities that are important to crypto businesses enabling them to streamline operations, optimize liquidity, and ultimately improve margins through real-time payment settlement,”
Ripple’s Growth in Brazil
As of 2019, Ripple opened offices in Brazil. In 2022, Travelex Bank joined Ripple to help with its on-demand funding. The company is putting its managed end-to-end system on the market for the first time.
Notably, customers can’t get this product right now. The first transfers will be between institutions, only between Mercado Bitcoin and its subsidiary in Portugal.
The payment service is now available in Brazil. This comes as Ripple tries to grow with its Ripple USD stablecoin, which is tied to the U.S. dollar. The business also got “in principle” permission to offer more services in the United Arab Emirates.
Still, in regulations, Brad Garlinghouse, CEO of Ripple, doesn’t like the U.S. Securities and Exchange Commission’s choice to appeal a previous decision in the SEC vs. Ripple legal fight.