Ripple has teamed up with Mercado Bitcoin, the largest cryptocurrency exchange in Latin America, to launch Ripple Payments in Brazil. This move aims to improve cross-border cryptocurrency payments, allowing businesses to use blockchain for faster and cheaper transactions.
Mercado Bitcoin will be the first to use this service, starting by improving how it handles money transfers between Brazil and Portugal. They plan to expand the offering to both business and individual customers. The partnership will allow transactions in Brazilian Reais through special accounts for non-residents, making it easier for users.
Silvio Pegado, Ripple’s Managing Director for Latin America, stated that Ripple Payments can improve liquidity and make operations smoother for crypto businesses. The service is connected to over 80 markets worldwide, helping manage money effectively while meeting legal requirements.
Ripple, a tech firm, focuses on improving global money transfers by leveraging blockchain’s reliable digital framework. This allows banks and financial organizations to move money with speed and reduced costs compared to conventional processes. Instead of enduring lengthy waits and steep charges, transactions on Ripple’s platform finalize within minutes.
Ripple also created a cryptocurrency called XRP, which can be used to make these transfers even faster and more efficient. Its main goal is to make international payments smoother and more affordable for businesses and individuals.
Mercado Bitcoin is the largest cryptocurrency exchange in Latin America. It allows people and businesses to buy, sell, and trade digital currencies like Bitcoin and Ethereum. Based in Brazil, Mercado Bitcoin provides a platform where users can manage their crypto investments and transactions easily.
The exchange also offers services that make it simpler for businesses to use cryptocurrencies in everyday activities, like sending money internationally.
In 2024, Ripple has made big moves by forming new partnerships and advancing in representations around the world. Ripple received approval from the Dubai Financial Services Authority (DFSA) to expand its blockchain payment services across the UAE.
This approval allows Ripple to operate beyond Dubai International Financial Centre, strengthening its presence in the Middle East’s fintech industry.
Conversely, Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) has taken a significant turn. On October 2, the SEC formally filed an appeal against a July 2023 court ruling that determined XRP is not classified as a security when sold to retail investors on exchanges.
This appeal comes after Ripple was fined $125 million for its institutional sales of XRP, which the court ruled did violate securities laws. Ripple’s Chief Legal Officer, Stuart Alderoty, expressed disappointment but noted that the SEC’s decision to appeal was expected. The SEC and Ripple have both agreed to pause the payment.
He indicated that Ripple is considering filing its own cross-appeal. Meanwhile, Ripple CEO Brad Garlinghouse criticized the SEC’s actions as damaging to investor protection and questioned the agency’s rationale.
