- Mercado Bitcoin partners with Ripple to offer faster, cheaper cross-border payments in Brazil.
- The new payment solution enables 24/7 global transactions for businesses, completed in minutes.
- Mercado Bitcoin will first target institutional clients, later expanding to retail customers.
- This partnership simplifies international transfers, reducing costs and eliminating banking intermediaries.
Mercado Bitcoin has teamed up with Ripple to launch a faster, cheaper solution for cross-border payments in Brazil. This partnership is set to offer local businesses a new way to settle payments globally using Ripple’s blockchain technology. So, with this collaboration, Mercado Bitcoin aims to provide businesses with an efficient payment tool that promises speed and lower costs.
According to Ripple’s announcement, this payment solution allows businesses in Brazil to make cross-border payments 24/7, completing transactions in minutes. Although the partnership will first serve institutional customers before expanding to corporate and retail users.
Mercado Bitcoin Role in the Partnership
Mercado Bitcoin, one of Latin America’s largest cryptocurrency exchanges, is leading the charge in bringing this solution to Brazil. Launched in 2013, Mercado Bitcoin has built a strong reputation and now serves over 4 million users. The company is known for innovative collaborations, such as its previous partnerships with Mastercard.
In this latest partnership, Mercado Bitcoin will use Ripple’s managed end-to-end payments solution to improve its internal treasury operations between Brazil and Portugal. So, this service will give Brazilian businesses a way to settle cross-border payments much faster and at a lower cost. “One of the differentiators is the use of a non-resident account, allowing users to pay directly in Reais, providing an improved customer experience,” the company stated in their announcement.
The solution is not yet available to the public, but Mercado Bitcoin expects the first transactions to happen between its branches in Brazil and Portugal. According to Jordan Abud, head of banking at Mercado Bitcoin, this collaboration with Ripple is another step toward internationalizing its services.
“This partnership enables Mercado Bitcoin to take another step towards internationalizing its services,” Abud explained. “At the same time, it simplifies these types of operations, offering lower costs and making our platform more complete.”
Ripple’s Blockchain Solution
Ripple’s blockchain-based payment system allows businesses to settle payments quickly, cutting down on the delays and costs associated with traditional banking systems.
“With the new payment tool, businesses in Brazil would be able to get ‘faster, cheaper, more efficient cross-border payments’ across the globe 24/7 and settle payments in a matter of minutes,” Ripple stated in their official announcement.
Ripple’s system offers another key advantage: its ability to manage payments from start to finish. So, this removes the need for multiple intermediaries, which often slow down cross-border transactions. The first phase of the service will focus on institutional customers, with plans to extend the offering to retail customers.
How Mercado Bitcoin Partnership Will Change the Payment System in Brazil
The partnership between Mercado Bitcoin and Ripple will slow down traditional banking services which are expensive. This collaboration will foster cross-border payments and will become more efficient for businesses of all sizes. This could be especially beneficial for small and medium-sized businesses looking to expand their reach beyond Brazil.
Mercado Bitcoin has already proven its ability to innovate with partnerships like the one it established with Mastercard in 2024.
In the coming months, Mercado Bitcoin aims to extend this payment tool to a broader audience, including retail customers. For businesses and individuals who frequently send money across borders, this is a game-changer.
Conclusion
The partnership between Mercado Bitcoin and Ripple will improve cross-border payments for businesses and customers in Brazil. So, with faster transactions, reduced costs, and the ability to settle payments in local currency, this collaboration offers a practical solution for anyone dealing with international transfers.
Also, it will give, more businesses the opportunity to operate globally, making payments simpler and more efficient.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
