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- Mercado Bitcoin is using their solution to strengthen their internal treasury processes.
- The exchange sees this relationship as a chance to expand its services and go global.
Ripple, a prominent provider of digital asset infrastructure, has teamed up with Mercado Bitcoin, the biggest cryptocurrency exchange in Brazil. On October 2, the SEC sought to overturn a ruling made by Judge Analisa Torres by filing a notice of appeal in the case.
After a court ruled in 2023 that selling XRP on a secondary market does not constitute a security transaction, legal experts predicted the SEC would file an appeal. Judge Torres ruled that XRP is not a security since it is a digital asset that does not fulfill all the requirements of the SEC Howey test as an investment contract.
Moreover, the SEC’s aforementioned appeal was submitted the day after Bitwise Asset Management Inc. became the first business to apply for an ETF that invests directly in XRP with the watchdog.
Enterprise-focused Payment System
Still, the firm went ahead and expanded its operations to other Latin American nations. The company just announced that Mercado Bitcoin is using their solution to strengthen their internal treasury processes in Brazil and Portugal.
Facilitating transactions in Brazilian Reais and offering assistance for foreign payments to both business and retail consumers is the objective. As a result, Mercado Bitcoin is the pioneer in Latin America to use an enterprise-focused payment system.
Furthermore, Mercado Bitcoin’s head of banking, Jordan Abud, has said that the exchange sees this relationship as a chance to expand its services and go global. Considering the company’s 2019 commencement of operations in Brazil and the Brazil Fund to support the growth of XRP Ledger (XRPL) in the nation, Brazil is actually a familiar market.
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