As a seasoned analyst with over two decades of experience in the financial industry, I find Ripple’s expansion into Brazil a strategic and timely move. Having closely observed the Latin American market, I can attest that Brazil’s economy is vibrant and ripe for digital transformation, especially when it comes to cross-border payments.
As an analyst, I am excited to announce that I’ve just learned about Ripple‘s latest development – their payments solution is now accessible in the vibrant market of Brazil. This move comes after a strategic partnership between Ripple and Mercado Bitcoin, a leading crypto exchange in the region.
As per an announcement by Ripple on October 3rd, Mercado Bitcoin is set to become the initial platform utilizing Ripple Payments, a service that enables businesses to take advantage of quicker and more affordable cross-border transactions.
Users of Mercado Bitcoin can look forward to improved security measures, expanded accessibility across the globe, and increased trading liquidity.
Direct cross-border payments in Reais
Ripple, the company responsible for XRP, has extended its all-encompassing solution to Brazil, marking it as the initial nation in Latin America to receive this expansion, according to their statement.
The proposed solution is designed to enhance Mercado Bitcoin’s financial management within their treasury, specifically focusing on their activities in Brazil and Portugal. Additionally, it aims to provide international payment services for its users. In terms of internal improvements, the exchange seeks to facilitate direct Real payments for both retail and corporate clients, using their local currency.
Support for non-resident accounts makes this a possibility, the two companies said.
Silvio Pegado, the LATAM managing director for Ripple, states that Ripple Payments provides distinctive features essential to cryptocurrency companies. These attributes allow them to efficiently manage their operations, maximize liquidity, and eventually enhance profitability through immediate payment settlements in real-time.
Ripple’s expansion in Brazil
In 2019, Ripple established its operations in Brazil. Later in 2022, it partnered with Travelex Bank to enhance its on-demand liquidity services. Now, for the first time, Ripple is introducing its comprehensive end-to-end solution in the market.
Significantly, the product isn’t accessible for customers at the moment. In the beginning, the deals will be institutional, limited to transactions solely between Mercado Bitcoin and its Portuguese subsidiary.
Ripple is planning to extend its payment service to Brazil, aiming for growth using its Ripple USD, a digital currency tied to the value of the US dollar. Additionally, the firm has received preliminary permission to broaden its operations within the United Arab Emirates.
In the regulatory sphere as well, Ripple’s CEO, Brad Garlinghouse, has joined others expressing dissent against the U.S. Securities and Exchange Commission’s choice to challenge a prior verdict in the ongoing legal dispute between SEC and Ripple.
Read More
Sorry. No data so far.
2024-10-03 18:28