Ripple, the fintech giant, just announced that it’s launching its fast payment solution, Ripple Payments, in Brazil. This move aims to expand its reach across South America.

The first to use this blockchain payment solution will be Mercado Bitcoin, a Brazilian crypto exchange. They’re looking to speed up cross-border transactions. Other businesses will be able to use this technology in the future, according to Ripple’s statement.

Ripple Payments, formerly known as RippleNet, is designed for international payments. It offers a faster and cheaper way for businesses and financial institutions to send and receive money globally by leveraging Ripple's blockchain.

This solution runs on the XRP Ledger, which helps with liquidity and settlement. Importantly, users don’t need to hold or use cryptocurrency to benefit from it.

Ripple’s payment system provides on-demand liquidity in multiple currencies, ensuring “efficient and timely transactions, no matter the destination or time zone,” as stated by the company.

Jordan Abud, Mercado Bitcoin’s head of banking, mentioned that this partnership will simplify the transfer process, thanks to Ripple’s expertise.

Ripple focuses on moving money quickly around the globe. The company’s founders also created XRP, which is the seventh-largest cryptocurrency by market cap.

After a partial win against the Securities and Exchange Commission last year, Ripple is hopeful that more companies will start using its payment solutions.

This isn’t Ripple’s first venture into Latin America. Last year, they signed a deal with Colombia’s central bank to explore digital currency technology. Plus, they opened an office in Brazil back in 2019.

The region is becoming a critical hub for crypto innovation. High adoption rates and a growing need for financial inclusion are driving this trend, according to a Ripple spokesperson.

“Brazil is a leading market for crypto due to its forward-thinking policies and support from traditional financial institutions,” they said.

As the largest economy in South America, Brazil also has a growing developer community eager to enhance the financial infrastructure. This makes it a key foothold in the region.