Ripple and Mercado Bitcoin(BTC) to launch crypto-enabled payments in Brazil
Mercado Bitcoin, one of Latin America’s leading cryptocurrency exchanges and a Mastercard partner, is collaborating with Ripple on crypto-enabled international payments. Ripple, the blockchain payments network, is cooperating with a large crypto exchange in Brazil to deliver cryptocurrency-enabled cross-border payments.
According to an official announcement on October 3, Ripple has teamed up with the Brazilian Mercado Bitcoin exchange to allow local firms to settle payments using Ripple’s “managed end-to-end payments solution. ” Ripple’s new payment technology enables firms in Brazil to make “faster, cheaper, and more efficient cross-border payments” 24/7 and settle them in minutes.
The first operation to target institutional customers
According to the statement, the new product is unavailable to consumers. Ripple anticipates that the initial operation will involve institutional customers only, moving from Mercado Bitcoin to Mercado Bitcoin Portugal.
The connection expands on Ripple’s new feature, which allows the company to manage payments end-to-end on customers’ behalf and was announced in 2023. A Ripple spokeswoman told Cointelegraph that Mercado Bitcoin is planned to launch with Ripple’s payment system before the end of 2024.
Mercado Bitcoin will use the technology to strengthen internal treasury operations in Brazil and Portugal. The cryptocurrency exchange intends to allow cross-border payments for corporate and retail customers.
Mercado Bitcoin is a major industry player and a partner of Mastercard
Mercado Bitcoin, founded in 2013, is a key player in the cryptocurrency business and one of the largest crypto exchanges in Latin America, with 4 million customers.
Mercado Bitcoin is known for forming collaborations with high-profile payment companies such as Mastercard. In May 2024, Mercado Bitcoin partnered with Mastercard to offer live transaction capabilities throughout Latin American and European corridors.
The exchange had previously announced a collaboration with Mastercard on a Web3-focused crypto identity system for April 2023. Jordan Abud, Mercado Bitcoin’s head of banking, stated that the company’s new relationship with Ripple intends to simplify transfers by leveraging Ripple’s experience.
“At the same time, this partnership enables Mercado Bitcoin to take another step towards internationalizing its services,” says Abud. He went further: “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 the portfolio of products we offer today.”
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