Ripple today announced its collaboration with Mercado Bitcoin, one of the largest cryptocurrency exchanges in Latin America, to launch Ripple Payments in Brazil. This partnership marks a turning point in the adoption of cross-border payments based on cryptoassets, seeking to optimize financial transactions for companies.
Bitcoin market becomes the first client in Brazil in using Ripple’s end-to-end managed payments solution. This technology allows businesses to make faster, cheaper and more efficient cross-border payments in a secure manner, according to the company behind the XRP token.
In a statement, Silvio Pegado, general director of LATAM at Ripple, highlighted that Ripple Payments offers companies of cryptocurrencies, which streamline operations, optimize liquidity and improve margins “through the settlement of payments in real time.”
Bitcoin Market, which is the third exchange largest cryptocurrency company in Latin America, plans to use Ripple Payments initially to improve its internal treasury operations between Brazil and Portugal, with its sights set on expanding into international payments for its corporate and retail clients. One of the highlights is the use of non-resident accounts, allowing users to pay directly in Brazilian reals, which optimizes the customer experience, they indicated.
This expansion of Ripple Payments in Brazil occurs amid a still developing legal landscape for cryptocurrencies. Recently, the United States Securities and Exchange Commission (SEC) announced its intention to appeal a court decision favorable to Ripple, highlighting the continuity of the legal battle over the classification of XRP as a security, which could have implications for the industry globally.
There is already something like Ripple Payments in Brazil
Ripple intends to introduce in Brazil a technology that has been present in the market for almost a decade and a half, specifically since the creation of Bitcoin in 2009.
Although Ripple Payments and Bitcoin share the cryptocurrency ecosystem, their purpose and technological structure present significant differences. Ripple Payments, using the XRP Ledger, seeks to facilitate fast cross-border payments with extremely low costs, similar to Bitcoin philosophy which advocates a transfer of value without intermediaries.
Ripple Payments is similar to Bitcoin in its promise of direct transactions between parties without the need for traditional intermediaries, although Bitcoin focuses more on being a digital store of value than on everyday transactions.
Both use blockchains to record transactions, but the technology behind Bitcoin, with its mining validation, ensures extreme decentralizationwhere anyone can participate in the verification of transactions, which is seen as more secure and unalterable from any manipulation or censorship.
Bitcoin, with its supply limitation and consensus mining, has created an ecosystem in which scarcity and the difficulty of changing protocol rules They are seen as strengthsoffering a level of trust and durability that Ripple, with its more centralized structure, has yet to prove on par with Bitcoin.
Brazil has been an early witness to Bitcoin adoption, knowing and welcoming this digital currency for a long time, which is reflected in its status as one of the nations with the highest adoption of cryptocurrencies globally. As reported by CriptoNoticias, Brazil is positioned within the top 20 countries with the highest adoption of cryptocurrencies, occupying tenth place, according to an analysis by Chainalysis.
This interest and adoption have been enhanced by the existence of bitcoin citadels or circular economies, which promote the use of BTC, evidencing fertile ground for innovation and the integration of disruptive technologies in the Rio economy.
This article was created using artificial intelligence and edited by a human Editor.
