- Ripple partners with Brazil’s largest crypto exchange, Mercado Bitcoin, expanding amid ongoing legal battles with the SEC.
- Mercado Bitcoin adopts Ripple’s payment technology to enhance operations between Brazil and Portugal, facilitating transactions.
Ripple has formed a partnership with Brazil’s largest cryptocurrency exchange, Mercado Bitcoin, despite ongoing regulatory challenges in the United States.
Ripple’s end-to-end payments solution is now live in Brazil!
Learn how our new partnership with @MercadoBitcoin will streamline treasury operations between Brazil & Portugal, boosting cross-border payment efficiency via Ripple’s managed payments solution.https://t.co/wQqHRkd9wf— Ripple (@Ripple) October 3, 2024
This collaboration marks a big expansion into Latin America for Ripple, amidst legal battles with the U.S. Securities and Exchange Commission (SEC).
“The idea is to provide a simplified transfer through the expertise of Ripple, our international partner specializing in cross-border payments,” – says Jordan Abud, Head of Banking at MB.
On October 2, the SEC filed a notice of appeal seeking to overturn a previous court decision favoring Ripple. The contested ruling by Judge Analisa Torres concluded that secondary sales of Ripple’s digital token, XRP, do not qualify as security transactions under the SEC’s Howey test. This legal interpretation categorizes XRP primarily as a digital asset rather than a security.
Despite the legal uncertainty, Ripple has pursued expansion in Latin America. The company announced that Mercado Bitcoin will utilize its payment solutions to enhance treasury operations between Brazil and Portugal. This initiative aims to support international payments for both corporate and retail customers, facilitating transactions in Brazilian Reais.
“Ripple Payments offers unique capabilities that are important to crypto businesses enabling them to streamline operations, optimize liquidity, and ultimately improve margins through real-time payment settlement,” – said Silvio Pegado, Managing Director of LATAM at Ripple.
Ripple’s payment technology is designed to optimize operations, improve liquidity management, and enhance profit margins through immediate payment settlements. Jordan Abud, head of banking at Mercado Bitcoin, highlighted the strategic importance of this partnership in extending their services and reaching more international markets.
This builds on Ripple’s previous efforts to establish a presence in Brazil, which began with the launch of operations in 2019 and the creation of the Brazil Fund to promote the development of the XRP Ledger (XRPL) in the region.
Moreover, the recent appeal by the SEC occurred just one day after Bitwise Asset Management filed for an ETF that would invest directly in XRP, underscoring the ongoing interest and potential in Ripple’s digital token.
This legal and operational journey reflects Ripple’s resilience and strategic positioning within the complex regulatory and economic environments of international finance.
The post Mercado Bitcoin Teams Up with Ripple: A Strategic Leap or a Regulatory Nightmare? appeared first on ETHNews.
