Ripple has announced the opening of its high-speed payment solution, Ripple Payments, in Brazil.
Ripple has announced the opening of its high-speed payment solution, Ripple Payments, in Brazil. The company announced Thursday that the first enterprise which will make use of this blockchain payment technology is Mercado Bitcoin, one of the major Brazilian cryptocurrency exchanges, but says more businesses will have access later on.
Until recently named RippleNet, Ripple Payments is a breakthrough in cross-border transactions that offer a far more efficient and cost-effective way for businesses and financial institutions to conduct international money transfers.
It utilizes Ripple's blockchain infrastructure for this solution in addition to the XRP Ledger for liquidity and settlement, though it does not require users to hold or use cryptocurrency directly.
Jordan Abud, who heads banking at Mercado Bitcoin, explained, "The idea is to provide a simplified transfer through the expertise of Ripple, our international partner specializing in cross-border payments,” meaning they will thereby be assured of immediate liquidities on various currencies on the chain. “This partnership enables Mercado Bitcoin to take another step towards internationalizing its services,” he added.
This is not Ripple's first move into Latin America. Since it opened its Brazilian office in 2019, the company has already established a presence in the region, including a deal with Colombia's central bank to explore central bank digital currency technology.
The development comes after Ripple's partial victory against the U.S. Securities and Exchange Commission last year in a decision widely hailed by the digital asset industry.
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