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Brazil’s Leading Crypto Exchange Partners with Ripple for Seamless International Payments
Mercado Bitcoin, one of Brazil’s leading cryptocurrency exchanges, has partnered with Ripple to offer its corporate and retail customers support for international payments. This partnership marks a significant milestone for both companies, as Mercado Bitcoin will be the first customer of Ripple’s business-focused payment solution in Brazil.
Ripple’s managed end-to-end payments solution is designed to enable businesses like Mercado Bitcoin to streamline their internal treasury operations between Brazil and Portugal. By using Ripple’s platform, Mercado Bitcoin aims to improve its liquidity management, reduce operational costs, and increase efficiency in its international transactions.
Ripple introduced its crypto on-demand liquidity (ODL) service in Brazil in August 2022, in partnership with Travelex Bank. This partnership has been instrumental in expanding the adoption of cryptocurrencies in Brazil and enabling businesses to take advantage of the benefits offered by digital assets. With this new partnership, Ripple is further solidifying its position as a leading provider of digital asset infrastructure in the Latin American market.
Improving Treasury Operations for Corporate Customers
According to Silvio Pegado, Ripple’s managing director for Latin America, "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." This statement highlights the key benefits of using Ripple’s platform for corporate customers like Mercado Bitcoin.
Mercado Bitcoin’s head of banking, Jordan Abud, also emphasized the significance of this partnership. "This collaboration enables Mercado Bitcoin to take another step towards internationalizing its services," he said. By partnering with Ripple, Mercado Bitcoin is not only expanding its offerings but also enhancing its ability to cater to the growing demand for cryptocurrency-based transactions.
Ripple’s Presence in Brazil
Brazil has been a key market for Ripple, and this partnership marks another significant development in the company’s expansion plans in the country. In 2019, Ripple opened offices in Brazil, signaling its commitment to the Latin American market. The introduction of ODL services in August 2022 further solidified Ripple’s presence in the region.
A Step Towards Internationalization
The partnership between Mercado Bitcoin and Ripple is a significant step towards internationalizing the services offered by Brazilian cryptocurrency exchanges. As the demand for cryptocurrency-based transactions continues to grow, companies like Mercado Bitcoin need to be equipped with efficient payment solutions that can handle cross-border transactions seamlessly.
By leveraging Ripple’s managed end-to-end payments solution, Mercado Bitcoin will be able to offer its customers a more streamlined and efficient experience when making international payments. This partnership is expected to have a positive impact on the adoption of cryptocurrencies in Brazil and pave the way for further growth in the region.
Conclusion
The partnership between Mercado Bitcoin and Ripple marks an important milestone in the expansion of cryptocurrency-based transactions in Brazil. By leveraging Ripple’s managed end-to-end payments solution, Mercado Bitcoin will be able to offer its customers a more efficient and streamlined experience when making international payments. This partnership is expected to have a positive impact on the adoption of cryptocurrencies in Brazil and pave the way for further growth in the region.
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