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Ripple Expands Payments Solution to Brazil
Ripple has announced the expansion of its payments solution to Brazil, marking a significant step following its partnership with the crypto exchange Mercado Bitcoin. According to a Ripple announcement on October 3, Mercado Bitcoin will be the first platform to utilize Ripple Payments. This solution allows businesses to benefit from faster and more cost-effective cross-border payments.
Mercado Bitcoin users will also see enhancements in security, global access, and liquidity. The introduction of direct cross-border payments in Reais, Brazil’s local currency, underscores Ripple’s commitment to improving financial operations in the region.
Benefits of Ripple Payments for Brazil
Brazil is the first country in Latin America where Ripple has introduced its end-to-end solution. This move is set to enhance Mercado Bitcoin’s treasury operations and facilitate international payments for its users. The crypto exchange is focusing on its operations in Brazil and Portugal, providing retail and corporate customers with direct payment access in Reais.
Support for non-resident accounts plays a crucial role in this capability. Silvio Pegado, Managing Director of LATAM at Ripple, emphasized,
“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.”
Ripple’s Presence in Brazil
Ripple has been active in Brazil since launching its offices there in 2019. In 2022, the company added support for its on-demand liquidity with Travelex Bank. However, this is the first instance of Ripple bringing a managed end-to-end solution to the Brazilian market. Initially, the transactions will be institutional, occurring exclusively between Mercado Bitcoin and its Portugal-based subsidiary.
The expansion of Ripple’s payment solution in Brazil aligns with the company’s broader growth strategy, including the launch of Ripple USD, a stablecoin pegged to the U.S. dollar. Additionally, Ripple has secured in-principle approval to expand its services in the United Arab Emirates.
On the regulatory front, Ripple CEO Brad Garlinghouse has openly criticized the U.S. Securities and Exchange Commission’s decision to appeal a previous ruling in the ongoing SEC vs. Ripple legal battle.
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