Ripple, the global blockchain-based payment provider, has partnered with Mercado Bitcoin, Latin America’s largest crypto exchange, to improve cross-border payments in Brazil. Announced on 3rd October, the collaboration will utilise Ripple’s blockchain-powered payment solution, focusing on institutional transactions between Brazil and Portugal.

Streamlining Treasury Operations

This partnership will initially focus on improving treasury operations for institutional transfers between Mercado Bitcoin and its Portuguese counterpart. While the service is not yet available for general customers, Ripple has plans to expand it to corporate and retail users in the future, enabling transactions in Brazilian Reais.

Silvio Pegado, Ripple’s Managing Director for Latin America, highlighted that Ripple Payments offers crypto businesses real-time settlement, optimized liquidity, and enhanced margins.

International Expansion and Lower Costs

Jordan Abud, Head of Banking at Mercado Bitcoin, expressed that the partnership will simplify international transfers, reduce costs, and help the exchange expand globally. He emphasized that this move aligns with their commitment to customers, broadening the platform’s services.

Brazil’s Growing Crypto Market

Brazil’s significance in the crypto market continues to rise, driven by regulatory support and growing adoption. Ripple has been active in the region since 2019, launching its first crypto-based payment solution in 2022 with Travelex Bank. The company’s latest move underlines Brazil’s growing role in global crypto markets, with Ripple boasting coverage in over 80 payout markets and processing $50 billion in volume to date.

Despite this growth, Ripple faces ongoing legal challenges, with the US SEC filing an appeal against the recent court ruling in Ripple’s favor.