Ripple and MercadoBitcoin launch cryptocurrency-based payment service in Brazil

Mercado Bitcoin, one of the largest cryptocurrency exchanges in Latin America,
Bitcoin is collaborating with Ripple to introduce international payments using virtual currencies.
On the 3rd (local time), Ripple will collaborate with Mercado Bitcoin, a major Brazilian cryptocurrency exchange, to launch crypto-supported cross-border payments.
The new payment tool will enable Brazilian businesses to make fast, low-cost, efficient cross-border payments that are settled within minutes, 24 hours a day, worldwide.
According to the announcement, the new product is not currently available to customers, and Ripple said that its initial operation will be a transaction between Portugal and MercadoBit and will be aimed only at institutional investors.
The integration builds on new capabilities introduced in 2023 to manage the entire payment journey on behalf of Ripple's customers.
A Ripple spokesperson said: "Mercado Bitcoin will be released alongside Ripple's payment solutions by the end of 2024.
MercadoBitcoin plans to use the solution to improve its internal cash operations between Brazil and Portugal, and will be providing services to corporate and retail customers in the future.
It also plans to facilitate cross-border payments for its customers.