On October 3, 2024, Ripple announced a partnership with Mercado Bitcoin, the largest cryptocurrency exchange in Latin America, to enhance cross-border payments between Brazil and Portugal. This collaboration will utilize Ripple's end-to-end payments solution, targeting institutional transactions initially.
Mercado Bitcoin will be the first Brazilian client to adopt this payment system, although it will not be available to general customers at launch. Ripple's solution aims to streamline treasury operations, promising faster and more cost-effective international transfers.
Ripple Payments currently boasts over $50 billion in processed volume and has a presence in more than 80 payout markets. Brazil's growing crypto market, highlighted by its ranking in the top 10 of Chainalysis' Global Adoption Index for 2024, positions it as an essential player in Ripple's expansion strategy.
As Ripple broadens its footprint in Latin America, it faces challenges, including a recent SEC appeal against a court ruling favoring the company in its ongoing legal battle.