Ripple and Mercado Bitcoin Partner to Enable Crypto Payments in Brazil

Ripple has teamed up with Mercado Bitcoin, one of Brazil’s leading cryptocurrency exchanges, to roll out crypto-enabled cross-border payment services. This initiative will allow businesses to settle transactions globally using Ripple’s “managed end-to-end payments solution”, according to the company’s official announcement on October 3.

With this innovative tool, businesses in Brazil will benefit from faster, cheaper, and more efficient cross-border payments, enabling them to settle transactions within minutes, around the clock. Ripple aims to streamline global payment processes, enhancing the speed and affordability of international transfers.

The first operation to target institutional customers

Although the new payment solution has yet to be made available to the general public, Ripple has confirmed that the initial rollout will focus on institutional clients. The first transactions are expected to take place between Mercado Bitcoin in Brazil and its counterpart, Mercado Bitcoin Portugal.

This partnership capitalizes on Ripple’s enhanced capability, introduced in 2023, to manage payments comprehensively for its users. A Ripple representative mentioned that the full-scale launch of this payment solution by Mercado Bitcoin is slated for the end of 2024.

In its initial phase, Mercado Bitcoin will utilize the system to improve its internal treasury operations between Brazil and Portugal. However, the exchange also plans to extend these services to facilitate cross-border payments for both corporate and retail customers in the near future.

The announcement highlights a key advantage of the platform, which allows users to make payments in Brazil’s local currency, the Reais, using non-resident accounts. This is expected to greatly improve the overall user experience.

Mercado Bitcoin is a major industry player and a partner of Mastercard

Founded in 2013, Mercado Bitcoin has grown to become one of the largest cryptocurrency exchanges in Latin America, with a user base exceeding 4 million. The platform is widely recognized for its strategic partnerships with global payment giants like Mastercard. Notably, in May 2024, Mercado Bitcoin joined forces with Mastercard to enhance payment corridors between Latin America and Europe.

In April 2023, the exchange also collaborated with Mastercard on a Web3-focused crypto identity solution, further cementing its position as a leader in the industry.

Jordan Abud, head of banking at Mercado Bitcoin, emphasized that this new collaboration with Ripple represents a major milestone for the company, offering a seamless cross-border transfer solution. He noted that the partnership allows Mercado Bitcoin to further internationalize its services, adding:

“The ability to facilitate these kinds of operations, while reducing costs and enhancing our platform’s capabilities, demonstrates our commitment to customer satisfaction and expanding our product portfolio.”

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