As an analyst with over two decades of experience in the financial industry, I find this recent integration between Mercado Bitcoin and Injective to be a significant move that underscores the growing maturity of the cryptocurrency market, particularly in Latin America.
Market leader in Brazil’s cryptocurrency trading scene, Mercado Bitcoin, has connected with INJ – the indigenous digital asset of the Layer-1 Injective blockchain platform.
Based on an announcement dated December 23 by Injective, their native utility and management token, INJ, has been successfully incorporated into the most established Latin American cryptocurrency exchange.
This decision opens up the opportunity for more than 3 million Mercado Bitcoin users to immediately tap into the Injective platform using their local currencies such as the Brazilian Real, thanks to its fiat-to-crypto gateway. Consequently, these customers can now interact with Injective’s decentralized finance system, which currently boasts a total value locked of over $43 million, according to Defillama.
In response to recent advancements, the value of INJ experienced a significant increase of around 15.6%. This surge took its price from a 24-hour low of $20.52 to $23.72 during the early trading hours on December 24th.
Established in 2013, Mercado Bitcoin has expanded to become one of the largest cryptocurrency trading platforms in Latin America. The company is dedicated to enhancing financial opportunities in Brazil by forging partnerships with prominent blockchain initiatives.
On October 3rd, it was announced that the platform entered into a partnership with Ripple, a company specializing in blockchain payments, making it the pioneer in integrating Ripple Payment services.
This all-inclusive approach gives businesses and users the ability to conduct cross-border transactions more swiftly and affordably, with heightened security, and real-time adjustments for optimal liquidity. The integration further offers direct payment options in Brazilian Real, serving both retail and corporate clients, and simplifying treasury operations when exchanging between Brazil and Portugal.
As a researcher, I had the opportunity to be part of the team that facilitated the listing of Ripple USD (RLUSD) on Mercado Bitcoin, making our exchange one of the first to do so on December 17. This marks an important step in supporting Ripple’s dollar-pegged stablecoin and expanding our offerings for users seeking digital assets with stable value.
Additionally, this platform has established significant collaborations with international payment leaders such as Mastercard. In May 2024, it teamed up with Mastercard to activate real-time transaction functionalities throughout Latin America and Europe.
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2024-12-24 11:24