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Cryptocurrency News Articles
Ripple Expands Global Payments Network by Partnering With Mercado Bitcoin Exchange
Oct 07, 2024 at 04:40 pm
Ripple has expanded its global payments network by partnering with Mercado Bitcoin exchange, according to the official statement from Ripple on October 03.
Payments giant Ripple has integrated its global payments network with Mercado Bitcoin exchange, a leading cryptocurrency platform in Brazil. This partnership marks a significant step towards enhancing cross-border payments in the region.
According to an official statement from Ripple on October 03, the partnership will focus on a blockchain-based solution for faster, more efficient, and cost-effective international payment processing for businesses in Brazil.
Despite its association with Ripple Labs, the XRP cryptocurrency price remains volatile in the face of world events. Source: BNC XRP Liquid Index
Initially, the service will cater to institutional clients, streamlining internal treasury operations between Mercado Bitcoin and Mercado Bitcoin Portugal. By utilizing Ripple’s end-to-end payments solution, businesses will gain access to real-time settlement and more than 80 payout markets worldwide, enabling payments directly in Brazilian Reais.
Silvio Pegado, Ripple’s Managing Director for Latin America, highlighted the alignment of this partnership with Ripple’s vision of improving cross-border payments through collaboration with market leaders.
“This partnership is a testament to Mercado Bitcoin’s commitment to innovation and expanding the possibilities of cross-border payments in Brazil. Together, we aim to make international payments faster, more transparent, and cost-efficient for businesses operating in the country.”
Strategic Expansion in Latin America and Beyond
This partnership forms a key part of Ripple’s broader strategy to expand across Latin America, with Brazil emerging as a dominant crypto player in the region. Boasting a crypto trading volume of $6 billion in 2024, Brazil leads the region in digital asset activity.
Ripple’s continuous push into Brazil complements its aggressive expansion globally, including recent approvals in the UAE as part of its Middle East strategy. Despite its ongoing legal battles with the U.S. Securities and Exchange Commission (SEC), Ripple now holds 55 regulatory licenses, including those from major financial hubs like Singapore, New York, and Ireland. This positions Ripple as a trusted provider of compliant cross-border payments solutions.
With 4 million customers and over a decade of operations, the Mercado Bitcoin exchange has also cemented itself as a benchmark in blockchain services. Jordan Abud, Head of Banking at Mercado Bitcoin, shared insights into how this partnership will enhance their platform’s services.
“This partnership enables Mercado Bitcoin to take another step towards internationalizing its services. 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.”
Ripple’s Market Dominance
Launched in 2012, Ripple is a pioneer in enterprise blockchain and digital payments, providing solutions that enable real-time cross-border transactions. Ripple’s end-to-end payments solution supports businesses with access to over 80 global payout markets.
Ripple has established partnerships with central banks and financial institutions across the globe, processing $50 billion annually. In 2024, Ripple transformed its payments platform, formerly RippleNet, to unlock enterprise crypto adoption.
With cross-border payment revenues set to hit $280 trillion by 2030, Ripple is well-positioned to capture a significant portion of this market.
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