Ripple is expanding its footprint in Latin America with a new partnership with Mercado Bitcoin, the largest cryptocurrency exchange in the region. This integration brings that service to the world of healthcare, plus Ripple Payments: a cross-border blockchain solution aimed at streamlining transactions from Brazil and Portugal even faster, cheaper and more practical.
After all, as global commerce continues to embrace frictionless and timely solutions, Ripple appears ready to target Latin America next. The Mercado Bitcoin partnership demonstrates the power of blockchain in cross-border transactions, enabling businesses to simplify their treasury operations and maximise their liquidity.
Reforming Cross-Border Transactions
Ripple is making a key step into Brazil by implementing its CRM product that will minimize cross-border transactions tariffs. Using Ripple payments to enable faster and less-expensive global commerce through blockchain Available 24/7, payments on the network are final and settle in minutes as opposed to days through methods used by traditional banks.
At the outset, the service will target its internal treasury operations within Brazil and Portugal, providing a seamless experience for institutional clients. As Brazil’s largest cryptocurrency exchange, Mercado Bitcoin will utilize the service to fuel accelerating demand for international payments that are fast and cost-effective, with its more than 4 million users. In turn, this will streamline their treasury management and introduce a solution that delivers real-time access to over 80 payout markets worldwide.
The Ripple Payments, which allows users to make payments directly in Brazilian Reais using such accounts for non-residents, is a unique advantage offered by the solution. Using this characteristic can lessen the hassles of currency exchanges that create friction for businesses when making international money transfers.
Ripple’s Growing Influence in Latin America
The news represents part of a wider push by Ripple to make inroads into South America, with the company already boasting sizeable customer bases in Argentina, Mexico and Chile. As an ideal market for Ripple’s state-of-the-art blockchain technology, Brazil boasts of progressive cryptocurrency policies and burgeoning institutional adoption. Through collaboration with Mercado Bitcoin, Ripple intends to tackle these inefficiencies and provide a critical source of liquidity in the regional financial infrastructure.
Mercado Bitcoin is known for striking significant partnership agreements: in early 2021, it announced a live transaction deal that allows its services to be used from Latin America to Europe with Mastercard. The new move in collaboration with Ripple is another innovative step towards providing advanced financial products to its customers on top of continuing the extensive work already done. Ripple Payments will likely mimic the growth path, slowly opening up its services to business and consumer users.
In other parts of the world, Ripple has encountered plenty of regulatory trouble—especially with its hostilities with the U.S. Securities and Exchange Commission (SEC)—but in Japan, it continues to fight for what is says are frictionless cross-border transactions. This news even further cements the ability of Ripple to withstand continuing legal challenges and its focus on increasing access to liquidity and on-demand global payments.
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What This Means for the Future of Cross-Border Transactions
Ripple Payments rolls out in Brazil and sets sights on revolutionising cross-border transactions in Latin America. Local companies will have a new option to streamline the process for faster, less expensive payments, slashing through many of the obstacles that typically impede international fund transfers.
On top of increased efficiency, the solution from Ripple adds an extra layer of liquidity management for firms, allowing the businesses working with them to do more sweeping international cash movements. Secure onboarding is part of the service as well to make sure that your business can get up and running and take advantage of Ripple’s robust payment infrastructure right away.
Beyond Brazil and Portugal, the partnership plans to reach out to any other international corridor where businesses are searching for reliable, fast and low-cost cross-border solutions. The use of blockchain is the foundation upon which Ripple and Mercado Bitcoin are establishing expanded acceptance for cryptocurrency-driven transactions in traditional finance.
The Final Thoughts
This partnership means that Ripple is driving into Brazil & drawing a big psych line against every other provider of cross-border transactions. Ripple — is positioning itself as a forerunner in the infantile crypto market of the area with a faster, cheaper and more productive solution to payments. Ripple Payments provides the composable infrastructure for businesses to move funds cross-border 24/7 in seconds with on-demand liquidity and access to multiple global payout markets making it exponentially more desirable for any business looking to streamline their international operations. Although the service is in growth mode, it will likely be a pivotal player in forging—or determining—the shape of future cross-border payments for the region and beyond.
In today’s well-connected world, networks like Ripple Payments are a step towards furthering worldwide commerce for the mutual benefit of the businesses as well as their clients. Such partnership shows that blockchain can help to solve long-standing problems within the financial system and make cross-border transactions more efficient resulting in less costs.
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