Ripple, widely known as the cross-border payment giant has officially expanded into Brazil with its new Mercado Bitcoin partnership.
This strategic partnership is effective for several reasons, including its Ripple Payments solution is set to broaden its reach to the South American nation.
Fuelled by the zeal to expand its footprint globally, Ripple has recently expanded to the United Arab Emirates (UAE), and now Brazil, regardless of its ongoing regulatory scrutiny in the United States.
Ripple possesses a high reputation amongst other companies in the digital asset sector. The firm’s focus on cross-border payments has made it a key player in the development of the industry. Moreover, its commitment has widened its exposure to various countries and participating entities.
Ripple announced its expansion into Brazil following its recent partnership with Mercado Bitcoin today the 3rd of October 2024. The company announced that the two sides would be set to“transform crypto-enabled cross-border payments” in the country.
On the other hand, Mercado Bitcoin is currently the largest cryptocurrency exchange in Brazil. They are also “the first customer in Brazil to utilize Ripple’s managed end-to-end payments solution”. Indeed, the platform notes it is seen to use blockchain technology to make cross-border payments faster, cheaper, more efficient, and more secure.
Ripple Managing Director of LATAM, Silvio Pegado, stated that he was thrilled to partner with Mercado Bitcoin, a market leader in crypto with more than a decade of experience.
He highlighted Ripple Payments’“unique capabilities” for firms and noted its ability to improve real-time payment settlements in multiple ways.
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