Enterprise blockchain firm Ripple’s “end-to-end” payments solution is now available in first Latin America market.
Ripple, the provider of digital asset infrastructure, has officially announced the launch of Ripple Payments in Brazil.
Mercado Bitcoin, Latin America‘s crypto exchange, will reportedly be the first customer in Brazil to leverage Ripple’s managed payments solution, which enables businesses to leverage blockchain for more efficient cross-border payments. Customers can move funds 24/7, 365, and settle payments in minutes – reducing friction to make moving value more efficient.
This builds upon the introduction of functionality that enables Ripple to manage payments end-to-end on behalf of its customers.
Mercado Bitcoin will use the solution to improve its internal treasury operations between Brazil and Portugal, with the stated goal to support international payments for its corporate and retail customers in the future.
One of the differentiators is the use of a non-resident account, allowing users to pay in Reais.
Brazil’s role in the cryptocurrency market, approach to policy as well as steady institutional and developer adoption made it the next market in which to launch Ripple Payments.
Ripple opened its office in Brazil in 2019, and launched its crypto-enabled payments solution in the market with Travelex Bank.
Ripple Payments provides various benefits for Brazilian businesses:
- Security: 10+ years of experience in building solutions for financial institutions and adhering to strict regulatory, compliance and security standards.
- Onboarding: Businesses can quickly integrate and utilize Ripple Payments with minimal friction, accelerating their time-to-market and enabling rapid access to global financial networks.
- One integration, global access: Through a single integration with Ripple as the sole counterparty, businesses gain seamless access to over 80+ payout markets worldwide, simplifying cross-border transactions and expanding their global reach.
- Liquidity: Businesses can access on-demand liquidity across multiple currencies at any time, ensuring efficient and timely transactions regardless of the destination or time zone.
Silvio Pegado, Managing Director of LATAM at Ripple said that Ripple Payments offers capabilities that are vital to crypto firms enabling them to streamline operations, optimize liquidity, and enhance margins.
With its digital asset infrastructure, Ripple claims that it is positioned to provide the services that financial institutions need to tokenize, store, exchange and move digital assets.
Ripple Payments has “near-global coverage” with 80+ payout markets, which represent 90%+ coverage of the daily FX markets.
It has considerable experience in the digital asset space and holds 55+ regulatory licenses and registrations.
At present, the product is not available to customers.
The first operation will be “institutional,” and will also be “exclusively” from Mercado Bitcoin to Mercado Bitcoin Portugal.
