New partnership news came from Ripple, which had a busy week with Bitwise's XRP ETF application and then the SEC's appeal.
At this point, Ripple has partnered with Brazilian cryptocurrency exchange Mercado Bitcoin to launch an international payment solution in Brazil.
Ripple announced that it has partnered with Mercado Bitcoin, Latin America’s largest cryptocurrency exchange, to offer an international payment solution that allows institutional and retail clients to transact using the Brazilian Real.
Ripple said that with its new partnership tool, businesses in Brazil will be able to receive “faster, cheaper, more efficient cross-border payments” worldwide 24/7 and have their payments made in minutes.
Mercado Bitcoin will be the first customer in Brazil to use Ripple’s managed end-to-end payments solution to enable businesses to securely make faster, cheaper, more efficient cross-border payments.
Mercado Bitcoin will use Ripple’s platform to improve transactions between Brazil and Portugal for corporate clients and plans to support international payments for corporate and retail clients in the future.
“Ripple Payments offers unique capabilities that enable crypto businesses to streamline their operations, optimize liquidity, and improve margins through real-time payment settlement,” said Silvio Pegado, managing director of Ripple Latin America.
“Partnering with Ripple allows Mercado Bitcoin to take another step towards internationalizing its services,” said Jordan Abud of Mercado Bitcoin.
Founded in 2013, Mercado Bitcoin is a major player in the cryptocurrency sector and is one of the largest cryptocurrency exchanges in Latin America with 4 million users. In addition to Ripple, Mercado Bitcoin has also partnered with high-profile payment companies such as Mastercard.
*This is not investment advice.