Latin America’s largest crypto exchange, Mercado Bitcoin, has become the first customer of Ripple’s business-focused payment solution in Brazil.
The partnership is set to improve Mercado Bitcoin’s internal treasury operations between Brazil and Portugal, tapping into Ripple’s platform to streamline international payments and offer more services to corporate and retail customers.
This new collaboration with Ripple enables Mercado Bitcoin to support transactions using Brazilian Reais, helping the exchange further internationalize its services.
Mercado Bitcoin already holds a Payment Institution License from the Central Bank of Brazil. The license allows the company to offer regulated fiat wallet services in the country under the status of an electronic money issuer.
The greenlight also enables Mercado Bitcoin to facilitate payment transactions and offer electronic money services in compliance with regulatory requirements set by the central bank.
“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,” said Silvio Pegado, Ripple’s managing director for Latin America.
Ripple’s Payments platform, known for its real-time settlement capabilities, will allow Mercado Bitcoin to optimize liquidity and improve margins.
Ripple has been active in Brazil since opening offices in the country in 2019. The company’s crypto on-demand liquidity (ODL) service launched in partnership with Travelex Bank in August 2022.
Ripple continues to strengthen its presence in the region as it prepares for the launch of its U.S.-dollar-pegged stablecoin, Ripple USD (RLUSD), which is expected to be issued in the coming weeks.
Brazil’s sizable market, boasting a population of nearly 214 million people, has become an attractive destination for cryptocurrency companies. Also expanding operations in the country is Coinbase. Earlier in 2023, the US major exchanges inked partnerships with local payment providers to facilitate crypto purchases and enable the deposit and withdrawal of funds in the local currency.
